Shiba Inu is once again making headlines, but this time due to a sharp increase in whale activity amidst falling asset prices.
Spike in Whale Inflows into Shiba Inu
Recent data indicates that large wallets have significantly increased their inflows into SHIB by over 1,010 percent within a week. Meanwhile, the asset's price continues to decline, currently trading at around 0.00001167, which is approximately 25 percent lower than its peak earlier this year.
Market Challenges and Potential Consequences
Despite the rise in inflows, the market remains bearish as SHIB has fallen beneath its 50-, 100-, and 200-day exponential moving averages. Declining trading volume and low relative strength index indicate waning interest among retail investors. This disconnect between inflows and asset price raises concerns among traders and analysts.
Current Situation and Predictions
At present, SHIB is caught in a technical decline, and while inflows are rising, the market faces significant risks. Large holders could potentially trigger panic selling among smaller wallets, exacerbating the ongoing price decline. Investors are advised to closely monitor any changes in whale activity.
The SHIB market is in a precarious phase as the sharp increase in whale inflows coincides with declining prices, potentially leading to further selling pressure from major holders if the current trend persists.
