|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Shiba Inu Faces Growing Uncertainty as Whales Offload 1 Trillion SHIB in a Massive Sell-Off
Oct 14, 2024 at 05:01 am
With whales retreating and SHIB struggling to break resistance, the market is bracing for potential downward pressure on the token.
Shiba Inu (SHIB) price seems to be facing growing uncertainty as multiple whale transactions, valued at 1 trillion SHIB in total, were recorded being offloaded in a massive sell-off. With whales retreating from the scene and SHIB struggling to break through resistance, the market is now preparing for potential downward pressure on the token.
Shiba Inu Has Been Seeing Lower Transactions Recently
Chain data shows that SHIB has seen a pitiful 1 trillion SHIB in transactions over the last 24 hours, a number that is drastically lower than the seven-day peak of 4 trillion SHIB on October 9th.
Large investors, who are sometimes called "whales," have started to reduce their holdings of the asset, and the steep decline in transactions shows that they are selling out. This drop in transaction volume highlights a key issue: there is a lack of institutional and large-scale investor support for purchases.
Struggles To Break Through Key Resistance Levels
The market's overall sentiment and potential concerns over SHIB's ability to maintain price momentum, especially given its failure to hold onto key support levels, could be driving the whales' retreat from the stock.
On the price chart, a critical resistance level of around $0.000017 has been limiting SHIB from breaking through any further up, stalling any further progress. The large transactions falling trend shows a lack of major資金流入, which is making it difficult for SHIB to gain any serious positive momentum.
Despite the bearish narrative, SHIB does maintain one positive point. The price is still trading above the 200-day moving average, which usually provides long-term support.
If SHIB manages to reverse and gain momentum past this level, a recovery may be on the cards, as U.Today previously reported. However, with large transactions slowing down and the whale migration still ongoing, it's best to proceed with caution for now.
For SHIB to change people's minds, there needs to be a huge uptick in buying pressure. Due to the ongoing whale exodus and poor market performance, SHIB may not be able to achieve any substantial advancement in the near future unless this is implemented.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- DePIN Projects Uniquely Resistant to Bear Markets, Akash CEO Greg Osuri Tells The Block
- Oct 14, 2024 at 10:35 am
- Advocates of decentralized physical infrastructure networks, or DePIN, often claim that projects in the space, which generally aim to leverage blockchain technology in order to grant users control and ownership over physical infrastructure networks in the real world
-
- NFL Week 6: Winners and Losers as Contenders Separate From Pretenders
- Oct 14, 2024 at 10:20 am
- The NFL season is well underway, as the contenders are starting to separate themselves from the pretenders. On one side of the coin, the Houston Texans, Baltimore Ravens and Green Bay Packers kept things rolling and extended their winning streaks in Week 6. On the other, the New England Patriots, Tennessee Titans and New Orleans Saints extended their losing skids.
-
- #moonbix 🎯 Spot-On Prediction for TIA/USDT 🚀
- Oct 14, 2024 at 10:15 am
-
- Michael Saylor Pitches Bitcoin Investment to Cristiano Ronaldo After Football Star's Jacob & Co. Watch Collab
- Oct 14, 2024 at 10:15 am
- In an intriguing interaction within the cryptocurrency space, Michael Saylor has suggested a unique investment opportunity involving Bitcoin to renowned footballer Cristiano Ronaldo.
-
- The Snowman will appear on a new 50p coin and a gold version will be hidden in one advent calendar
- Oct 14, 2024 at 10:15 am
- The Royal Mint has announced The Snowman will be depicted on a 50p coin and a gold version will be hidden inside one of its advent calendars for a lucky customer to find on Christmas Eve.