Price forecast for Shiba Inu: a correction is looming amid whale sell-off and supply decline.
Shiba Inu is trading in the red this Thursday, extending the 3.22% drop from the previous day.
Facing headwinds at the 50-day EMA, Shiba Inu is at risk of a sharper correction as large investors trim their SHIB holdings, concurrently with the profit supply falling to 23%.
Whale confidence in Shiba Inu declines
Santiment data shows groups of large investors pruning their portfolios to offload Shiba Inu.
The whale group holding between 10 million and 100 million SHIB tokens currently has 9.34 trillion SHIB, representing a decrease of 9 billion tokens from the 9.43 trillion SHIB on January 1.
