How Will Shiba Inu Price Change?

Shiba Inu's price drop is blamed on enormous whale selling, according to on-chain statistics. SHIB's market value has fallen along with the industry during the previous week, erasing gains and challenging critical support levels.

IntoTheBlock blockchain statistics indicate whale wallets unloading SHIB at an alarming pace in recent days. The Large Holder Netflow, which tracks whale holdings, has fallen to -736.46% in seven days and -125.06% in 30 days.

IntoTheBlock's Large Holder Netflow is seen below. The blue tracker indicates the sharp drop into negative netflow in early March, suggesting whales sold lots of SHIB as the price (black) dropped. Negative netflows imply that significant holders are aggressively lowering their holdings, dumping billions of SHIB and boosting selling pressure.

In the previous 24 hours, addresses holding SHIB tokens between $1 million to $10 million have had their balance decrease by 31.31%, while those holding tokens worth above $10 million have seen it drop by 27.99%.

The market rapidly responded to the latest whale dumping. Fear and pessimism surround Shiba Inu. As investors became apprehensive about the protracted slump, the Shiba Inu Fear & Greed Index dipped to “Fear” area (about 33/100).

Crashes 61%, Trading Volume Falls Below $400 Million.

Whale bulk releases have historically lowered Shiba Inu prices. The price of SHIB plummeted to $0.00001286 in early February due to a sudden change in large-holder netflows from 3.5 trillion to -792.8 billion within a day.

Interestingly, Shiba Inu has fallen below this level, with an 11% drop as major investors sold. At now, Shiba Inu tokens are trading at $0.0000125, down from the mid-$0.000014s of last week. Continuing whale selling might exacerbate the Shiba Inu price slump to its lowest level in over a year.

Technical signs suggest momentum is waning. The daily RSI for SHIB is in the mid-30s. This indicates that bears are still in power as memecoin approaches oversold levels.

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