Crypto: Whales Fleeing, Shiba Inu Collapsing

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The Shiba Inu cryptocurrency has been disappointing many investors lately, those hoping for an anniversary rally have hit a wall. Could the recent movements of whales explain this situation? SHIB is experiencing a significant decline despite strong transactional activity.

Shiba Inu: The free fall continues

Shiba Inu whales, labeled as bull run catalysts, seem to be deserting the ship. In just 24 hours, more than 1.2 trillion SHIB tokens were exchanged. Despite this enormous transactional activity, SHIB remains stuck in a persistent bearish trend.

According to on-chain data, SHIB is still below the 200, 100, and 50-day moving averages, indicating constant selling pressure.

Every attempt to surpass resistance levels ends in failure, leading to new declines. A crypto expert pointed out:

“The situation is desperate for SHIB; unless there is a miraculous turnaround, it will continue to fall.”

Key points to remember:

1.2 trillion SHIB exchanged in 24 hours;
$184 million transactions in the last week.

shiba inu price evolution — Chart reflecting recent SHIB evolution – Source: TradingView

Crypto in general: A delicate situation

Altcoins and memecoins like Shiba Inu are also suffering from the general contraction of the crypto market. Technical indicators paint a bleak picture.

For Shiba Inu, the descending channel in which SHIB was engaged has been invalidated by a substantial price drop below its lower limit.

Recent statistics show large transactions, but the overall sentiment remains pessimistic. The lack of support at these critical levels leads to lower lows and lower highs, classic signs of a prolonged bearish trend.

Shiba Inu’s crypto is not the only one affected; Dogecoin and other memecoins are under similar pressures.

Nevertheless, despite the current challenges, several indicators show that there is hope for a trend reversal for Shiba Inu.