Shiba Inu Faces Brutal Sell-off: Whales Dump 359 Billion Tokens
Shiba Inu's Removal from Two Major Communities Triggers Selling Pressure Concerns
Hey there! Let's dive into the wild world of cryptocurrency where Shiba Inu [SHIB] is battling some serious sell pressure.
Large players, aka whales, have been offloading their SHIB like there's no tomorrow. In a single day, they dumped an astounding 359 billion SHIB tokens, sending shockwaves through the memecoin market.
This aggressive whale selling caused a significant drop in the Large Holders' Netflow to a monthly low of 4 billion SHIB, showing a major distribution trend.
So why are whales dumping like crazy? Well, it usually indicates a lack of confidence in the market, suggesting they expect prices to plummet.
But it's not just the whales causing the chaos. All market participants seem to be joining in on the sell-off.
Looking at SHIB's Buy/Sell Volume, there's a staggering negative order imbalance of 134.15 billion tokens, with sell orders outnumbering buy orders.
On top of that, the Exchange Flow balance turned positive, indicating more deposits into exchanges than withdrawals, which generally means selling.
This trend of increased selling activity is further confirmed by a positive Exchange Netflow that's remained up for the past two days, showing a massive inflow of SHIB tokens into exchanges.
Historically, such trends have led to sharp price declines as the token supply outweighs demand, setting the stage for inflationary effects on price.
So what does this mean for Shiba Inu? Well, as you can guess, it ain't looking good. At press time, SHIB is down 8.4% on the weekly chart and 1.84% over the last 24 hours, trading at $0.00001324.
If sellers continue to dominate, SHIB could fall even further to $0.00001274. However, if buyers step in and challenge the bears, there's a chance for SHIB to reclaim $0.00001397.
For the bullish outlook to become a reality, SHIB needs a daily close above $0.00001376.
On the bright side, this sell-off might not last forever. There's always a chance for renewed optimism or market-wide rallies, which could trigger short-term gains toward the $0.000014–$0.0000154 range.
But for now, it seems like Shiba Inu is dealing with some heavy sell pressure. Stay tuned as we keep an eye on the market! 👀
- Despite the brutal sell-off of Shiba Inu [SHIB], some traders might see this as an opportunity to exchange their Ethereum [ETH] or Bitcoin [BTC] for SHIB, capitalizing on the low prices.
- The massive sell-off of SHIB tokens by whales has been closely monitored by various crypto data providers, such as IntoTheBlock, which has tracked this activity with the transaction ID 00001376.
- As the memecoin market is deeply interconnected with other crypto assets, the sell-off of SHIB could potentially impact the overall crypto market.
- The crypto finance industry, involving various aspects like investing and trading, has been witnessing this sell-off in the Shiba Inu market.
- Whales, being major players in the crypto market, are known to have a significant influence on the price movement of tokens like SHIB.
- Beyond mere selling activity, the crypto market is also characterized by the buying and holding of tokens, which could potentially help in stabilizing the prices of cryptocurrencies like SHIB when sell-offs occur.
- By understanding the patterns and trends in the crypto market, such as this Shiba Inu sell-off, investors and traders can make informed decisions about their investments in various cryptocurrencies, including Ethereum and Bitcoin.
