Shiba Inu (SHIB) Whales Vanished: Over 1.2 Trillion Tokens Swapped in 24 Hours
Recent developments in the Shiba Inu ecosystem have generated significant turbulence. In just one day, more than 1.2 trillion SHIB tokens were transferred, indicating an active market. Surprisingly, despite this high transaction volume, SHIB’s price continues to decline, suggesting a lack of support from investors.
Analyzing the SHIB/USDT daily chart, it becomes evident that SHIB has been confined within a descending channel. Persistent struggles to break above key resistance levels confirm the prevailing downward trend. Selling pressure remains strong, as indicated by the 200, 100, and 50 EMAs.
Furthermore, the fact that SHIB’s price is beneath these crucial moving averages reinforces the bearish outlook. Lower highs and lower lows, characteristic of a downtrend, are clearly visible on the chart. Repeated attempts to break away from this pattern have only resulted in further declines.
Examining on-chain data adds to the dismal picture of SHIB’s current state. Over the past week, transactions totaling $184 million demonstrate substantial movement. However, several on-chain indicators suggest that market sentiment remains bearish.
Technical indicators and on-chain data collectively paint a gloomy picture for Shiba Inu. Despite the significant transaction volume, the asset’s price is consistently pressured downwards. Moreover, SHIB’s descent below the lower boundary of the descending channel invalidates its previous trajectory.
Unfortunately, the outlook for Shiba Inu appears bleak, with limited prospects of a substantial recovery given the overall retracement in the crypto market.