Leading meme coin Shiba Inu has shed almost 10% of its value over the past week.

This price decline coincides with a significant drop in whale holdings during the same period. This signals waning confidence among large investors amid broader market weakness.

Shiba Inu (SHIB) price has dropped by nearly 10% over the past week, signaling waning confidence among large investors amid broader market weakness. This coincides with a significant decrease in SHIB whale holdings during the same period.

As of press time, SHIB trades at $0.0000125, marking a 7.8% decline from the past week. This price dip follows a 123% fall in SHIB large holders' netflow, according to blockchain data from IntoTheBlock.

Large holders are defined as addresses that hold more than 0.1% of an asset's circulating supply. Their netflow measures the inflow and outflow of tokens in their wallets, indicating whether they are accumulating (positive netflow) or offloading (negative netflow) their holdings.

When this metric decreases, it signals that whales are selling larger portions of their assets, which can increase supply and put more downward pressure on price.

This aligns with the broader market weakness in crypto, which has seen major tokens like Bitcoin and Ethereum struggle to maintain gains amid the ongoing turbulence in financial markets.

This selling activity could worsen the weakening confidence among SHIB retail traders, prompting them to sell their coins in anticipation of further losses and accelerating SHIB's price dip in the short term.

On the daily chart, SHIB's falling Relative Strength Index (RSI) supports this bearish outlook. At press time, this momentum indicator is in a downward trend at 35.34.

RSI measures an asset's oversold and overbought conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a decline. Conversely, values under 30 suggest that the asset is oversold and could witness a rebound.

At 35.05, SHIB's RSI indicates that the asset is approaching oversold territory but has not fully entered it yet. This suggests weakening buying pressure and hints at the potential for further downside unless the meme coin demand picks up.

However, if buying gains momentum again, it could drive SHIB's value to $0.0000166, the next key resistance level.

On the other hand, a continuation of the selling pressure could push SHIB lower to the seven-month low of $0.0000107, especially if it falls below the lower boundary of the plotted descending trend line.