Shiba Inu's (SHIB) whale transactions have dropped dramatically by approximately 66% over a 48-hour period, falling from 195 to 66 large transactions. This sharp decline in whale activity represents a significant market shift, reflecting broader downturns and increasing price volatility within the cryptocurrency ecosystem.
The reduction in whale inflow and outflow, both plunging by over 2 trillion tokens, signals a decline in both buying and selling pressure from large holders. Investor confidence has been shaken, triggering uncertainty and reassessment of positions in SHIB and wider memecoin markets.
Price-wise, SHIB has experienced notable downward momentum, trading around $0.00001429 at the time of reporting, marking a 5.65% loss in 24 hours and the sixth consecutive day of lower lows. Technical indicators such as the daily RSI have crossed into bearish territory, indicating rising selling pressure. Volume data supports this bearish sentiment, with sell volume surpassing buy volume by nearly 149 million tokens.
Despite the decline, some analysts suggest reduced whale selling could be considered a bullish indicator by limiting downward pressure. However, the prevailing scenario is one of short-term bearishness, with potential for SHIB to fall further unless it closes above $0.00001478 to reverse the trend. The current dynamics underscore volatility risks as whales and retail traders remain cautious or inclined to sell.