The price drop of Shibainu (SHIB) and its implications
Market downturn leads to reduced SHIB whale activity
In the past month, the price of SHIB has seen a significant decline of 21%. This drop can be attributed to the overall market downturn and a decrease in SHIB whale activity during the same period.
Declining SHIB whale holdings affecting trading volume
On-chain data reveals that large transactions involving SHIB have been on a downward trend over the past month. The number of daily SHIB trades between $100,000 and $1,000,000 has dropped by 46% in the last 30 days. Additionally, daily trading volume between $1,000,000 and $10,000,000 has decreased by 64% during the same period.
Net inflows from large SHIB accounts plummet
The decline in net inflows from major SHIB accounts indicates that whale addresses holding SHIB are selling more than they are accumulating. According to IntotheBlock data, net SHIB inflows to major investors have fallen by 391% over the past month.
Price prediction and potential market movements
Looking at SHIB’s daily chart, it appears that the meme coin is gearing up for a rebound. The relative strength index (RSI) and money flow index (MFI) values currently stand at 30.23 and 22.45, respectively.
Anticipated price movements for SHIB
Based on the current indicators, SHIB is approaching oversold conditions, which often precede a price reversal. This suggests that the price of SHIB may increase to $0.000018 in the near future. However, if selling pressure intensifies, there is a risk of a drop below $0.0000010.
