All Shiba Inu Coin followers, pay attention!!

The price of Shiba Inu Coin is plummeting, and the massive whale sell-off is the main culprit.

On-chain data shows that the primary reason for the decline in the price of Shiba Inu Coin (SHIB) is the sell-off by whales. Over the past week, as the overall cryptocurrency market has declined, SHIB's market value has shrunk, with earlier gains being relinquished and key support levels being impacted.

Data from IntoTheBlock indicates that the recent sell-off of SHIB by whales is astonishing. The net flow of large holders has decreased by -736.46% in 7 days and -125.06% in 30 days. At the beginning of March, the net flow blue tracker plummeted into negative values, indicating that whales are selling off in large quantities as prices drop, leading to increased selling pressure.

In the past 24 hours, addresses holding between 1 million and 10 million USD of SHIB saw a balance drop of 31.31%; addresses over 10 million USD saw a balance decrease of 27.99%. The market reacted quickly, with fear and pessimism spreading, and the Shiba Inu Coin fear and greed index dropping to the “fear” zone at 33/100.

The price of Shiba Inu Coin has plummeted by 61%, with trading volume dropping below 400 million USD. Historically, sell-offs by whales have often depressed its price. At the beginning of February, the net flow of large holders fell from 3.5 trillion to -792.8 billion in a single day, causing the SHIB price to crash to 0.00001286, which has now fallen below that level, as major investors sold off, leading to an additional 11% drop. The current trading price is 0.0000125, significantly lower than mid-last week. Continued whale sell-offs could drive the price down to its lowest level in more than a year.

Technical indicators show that the momentum of Shiba Inu Coin is weakening, with a daily Relative Strength Index (RSI) of 30, indicating that bears are still in control, and the cryptocurrency is nearing oversold territory.

If you can't see the trend, going long will drop, and going short will rise!

If you can't pick strong coins or good projects!!

You can check my profile and pinned post for early insights; let's discuss and analyze the current market together to avoid risks while making profits!!