Shiba Inu price gained 4% in 24 hours despite an 84% drop in whale moves, hinting at a bearish shift amid broader crypto market growth.
Despite an astounding 84% decrease in whale transactions on the network, Shiba Inu (SHIB) has maintained a modest 4% gain over the past 24 hours.
The abrupt decline indicates diminished activity from the most prominent holders and may indicate a decline in interest.
What is the future of the Shiba Inu price as whales continue to be overlooked? Will the price plummet, or will the constant increase persist?
Shiba Inu Price Remain Consistent Despite Declining Whale Transactions
The data from IntoTheBlock indicates a substantial decrease in the number of large Shiba Inu transactions valued at over $100,000.
SHIB transactions reached 24.3 trillion on June 5, the most significant since January.
Whales transacted only 3.83 trillion SHIB in 24 hours, resulting in an 84% decrease in transactions by June 9.
This decrease indicates that whales with SHIB valued at over $100,000 are taking a wait-and-see stance following their profit-making on June 5.
This shows a lack of confidence and minimal conviction in the short-term price movements of Shiba Inu.
Furthermore, a significant decrease in whale transactions, particularly during periods of low volatility, has frequently preceded a substantial move in Shiba Inu’s performance since January.
For example, in early January, substantial SHIB transactions decreased from 34.42 trillion to approximately 2 trillion after this abrupt descent.
Shiba Inu price plummeted by 50% from $0.000022 in January to a nadir of $0.000011 on April 8.
This trend may indicate that the price of Shiba Inu is suffering from adverse headwinds despite the recent gains.
This top meme coin may collapse if retail holders also begin to offload in the absence of whale buying to absorb the sold coins.
Negative Netflows For Large Holders
Shiba Inu’s large holder netflows have also reversed negative, presently at -262 billion SHIB, according to IntoTheBlock data.
This metric illustrates the net movement of tokens in and out of whale wallets that contain at least 0.1% of SHIB’s circulating supply.
The negative net flows indicate that significant SHIB addresses are offloading rather than accumulating, which could have a bearish impact on the price.
In addition, the thesis that whales are retreating and the Shiba Inu price is experiencing adverse trends is further substantiated by the shift in net flows that occurred in the wake of the 84% decline in large transaction volumes.
What Will Happen With SHIB Price Next?
The Shiba Inu price may persist in its sideways movements, which have resulted in it being trapped in a range of $0.000010 to $0.000017 since February, as long as whales continue to maintain their caution and do not accumulate.
Additionally, a recent analysis conducted by CoinGape revealed that most traders are initiating short positions on SHIB, demonstrating a bearish bias.
Although this may elevate the likelihood of a short squeeze, the possibility of losing critical support at $0.0000119 persists.
By the examination,
“If SHIB closes below this support, which also marks the lower boundary of the parallel channel, it could add a zero.”
In summary, the price of the Shiba Inu is at risk due to the 84% decrease in whale transactions over four days, suggesting that significant holders are hesitant to accumulate.
At the same time, negative net flows indicate that whales are selling faster than they are accumulating, which is also adverse.
The bearish outlook suggests that SHIB may lose support at $0.000019 and add a zero.
