There is a growing trend of insider selling pressure impacting Shiba Inu (SHIB), raising concerns about the future of this meme coin.
Decline in Shiba Inu Price
At present, Shiba Inu is valued at approximately $0.00001177, following a recent drop of over 12%. This decline occurred amidst significant token transfers to exchanges, indicating increasing doubts among investors.
Activity Among Major Token Holders
Data shows that over half of SHIB's total supply is held in just ten wallets, causing direct impacts on the token's value. A notable transaction involved 2.87 trillion SHIB worth around $36 million, confirmed as a custody transfer rather than a sale, yet market instability prevailed.
Market Outlook for Cryptocurrencies
Despite the sell-off, there is remarkable on-chain activity on the Shibarium platform. However, SHIB continues to hover around critical support levels. If it falls below $0.0000102, it could lead to more severe declines, potentially dropping to $0.0000060.
Shiba Inu's market landscape is facing challenging times due to rising insider pressure and uncertainty, urging investors to remain vigilant about price trends.
