The post Shiba Inu Faces Major Setback as Whale Transactions Plummet appeared on BitcoinEthereumNews.com.

Shiba Inu’s market performance has recently shown a noticeable decline, particularly in the activities of large investors or “whales.” Contrary to the usual one trillion SHIB transactions, recent statistics point to a substantial drop in the 24-hour transactional volume to around 684.28 billion SHIB. This decrease in whale activity is a red flag for SHIB’s future, with only 30 large transactions documented in the past day compared to a seven-day peak of 69 transactions. Dive into the recent decline in Shiba Inu’s (SHIB) market activity, with large investors pulling back and transactional volumes plummeting. What does this mean for SHIB’s future? Whale Activity in Sharp Decline Recent data indicates a sharp decline in whale activity concerning Shiba Inu (SHIB). Large investors have significantly reduced their transactions, causing the 24-hour transactional volume to drop to approximately 684.28 billion SHIB from its standard one trillion SHIB. This trend is reflected in the on-chain indicators, which recorded only 30 large transactions in the last 24 hours, compared to a seven-day high of 69. This significant decrease points to a bearish outlook for SHIB. Impact on SHIB’s Market Performance The retreat of whales from SHIB has substantial implications for its market performance. The volume of significant transactions in SHIB has seen a stark reduction, falling from a seven-day peak of 1.51 trillion SHIB to the current volume. In monetary terms, the large transaction volume has dropped to $9.32 million in the past 24 hours, down from $21.08 million over the last week. This reduction signals that major market participants are stepping back, affecting SHIB’s price and market liquidity. Technical Indicators Support Bearish Sentiment Technical indicators further corroborate the negative sentiment surrounding SHIB. The 50 EMA’s positioning below the 100 EMA and its considerable trailing of the 200 EMA suggest bearish market conditions. These indicators…

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Filed under: News - @ August 16, 2024 7:20 pm