Shiba Inu cryptocurrency prices have experienced a drastic decrease, with data suggesting large-scale investors are responsible for its decline. Over the last week alone, SHIB’s value took an enormous hit and joined wider market trends while testing key support points. With major Shiba Inu investors leaving, it not only expedited its decline further but has caused widespread anxiety among smaller investors due to potential further drop-off trends.
Significant Sell-Offs by Shiba Inu Investors
Analysis of blockchain data indicates that so-called whale accounts have been quickly divesting their SHIB holdings over recent days, with reports showing an alarming 736.46% decrease in Large Holder Netflow over just the past week and 125.06% over just the past month indicating they are unloading far more SHIB than they are purchasing, suggesting an aggressive selling pattern from these investors.
This trend can be further illustrated by noting that accounts holding between $1 million and $10 million worth of SHIB experienced their balances decrease by an astounding 31.31% within 24 hours, while accounts holding more than $10 million witnessed their balances decrease by 27.99%.
Implications for Shiba Inu’s Market Value
Historical patterns show that Shiba Inu prices suffer during periods of intensive sell-off by whales. One such instance saw SHIB’s inflow and outflow rates drastically shift, leading to a substantial price decline. Since these sell-offs began, Shiba Inu’s value has decreased by approximately 11% – reaching its lowest point in over one year – suggesting further sell-offs by whales could cause even further drops in value.
Technical analysis indicates that momentum is weakening for Shiba Inu cryptocurrency, with its daily Relative Strength Index (RSI) currently sitting in the mid-30s indicating it is close to oversold territory but bears remain dominant in its market.
