Support for the Shiba Inu appears to be dwindling as recently indicated by the movement of 1.4 trillion tokens from the Shiba Inu ecosystem. Despite trading up at 1.9% in the past 24 hours, the price of Shiba Inu dropped earlier up to 4%.
Whale Activities on SHIB Declines
According to data from IntoTheBlock, SHIB is currently seeing a decline in large transaction volumes, indicating a drop in activity by whales. For instance, there have only been 82 large transactions conducted over the last 24 hours as against the seven-day high of 341 transactions.
Translating this in volume, large transactions for the past 24 hours amounted to 3.36 trillion SHIB compared to the 5.7 trillion SHIB peak in seven days.
Meanwhile, the price of SHIB has also failed to move above the local support level at $0.000025. This resistance has been formed by strong selling pressure, causing its price to fall. At press time, SHIB has experienced a 1.9% increase in the past 24 hours to trade at $0.00002448, however, it is still unable to breach above the $0.000025 level.
The exit of whales makes it evident that the market is not ready for a growth phase yet. However, the concentration by large holders is still very high at 73% as indicated by IntoTheBlock’s data.
More Concerns for Shiba Inu
Adding to concerns regarding Shiba Inu’s status is the fact that only 61% of holders are still profitable at the current price level, and 35% are losing money. Another difficult level for SHIB would be a possible bearish cross of the 50-day and 100-day EMAs.
A more severe break below this level would probably lead to selling pressure and drive SHIB to even lower support levels, perhaps as low as $0.000022 or even $0.000018. Amid this bearish outlook, SHIB was recently accepted by Donald Trump’s Presidential Campaign as donation. This move could potentially bring more adoption for SHIB, thus driving its price upwards.
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