Over the past day, the meme coin Shiba Inu (SHIB) has decreased by more than 3% to $0.00001275. This is 28% lower than its peak in May. The token is falling as demand has weakened and large investors have started to offload their assets.
The realized profit/loss of the Shiba Inu network (NPL) has remained negative for several months. NPL measures the average profit or loss of all coins that change addresses daily and is calculated as the difference between the last movement price and the new transaction price. A negative value of the indicator indicates that coins are being sold at a loss, a clear sign of bearish sentiment.
This decline coincided with the fact that crypto whales continue to get rid of their assets: the share of large players decreased from 748 trillion SHIB in January to just over 718 trillion today. Meanwhile, the supply of the meme coin on exchanges is steadily increasing, indicating growing pressure from sellers.
The volume of the Shiba Inu spot market has also decreased. Over the last 24 hours, the daily trading volume of SHIB amounted to only $141.8 million, which is significantly lower than other meme coins. For instance, Dogecoin's figure was $764 million, and Pepe's was $1.08 billion.
On the daily chart, Shiba Inu has also fallen below the 50-day and 100-day exponential moving averages, which strengthens the bearish bias. The relative strength index remains above the oversold zone, indicating the possibility of further decline.
