A stark decline in its market value has sent ripples of anxiety through the community, with the finger firmly pointed at the actions of so-called “whales”—those influential holders
In a recent and turbulent chapter of the cryptocurrency saga, Shiba Inu (SHIB) has found itself in tempestuous waters with an exceptionally steep decline in its market value. This downturn, even more pronounced than the broader crypto market downturn, has been attributed to the actions of so-called "whales"—major holders who can influence the market with massive quantities of coins.
Over the past week, a stark shift in Large Holder Netflow, as analyzed by blockchain analytics firm IntoTheBlock, shows a staggering 736% decrease in just seven days. This is like a dam on a river, integral to maintaining its flow, being released early and creating a swell that disrupts every boat upstream.
As these whales rapidly unloaded their Shiba Inu tokens, the market narrative took a pessimistic turn. Balances in wallets holding between $1 million and $10 million saw a sharp decrease of over 31% in just one day, while those harboring even greater sums—over $10 million—showed a 28% reduction. This mass exodus also dampened social sentiment, plunging the dog-themed meme token’s Fear & Greed Index into deep "fear" territory.
This scenario is also unfolding against the backdrop of a new report by Benzinga highlighting the meme coin’s bleak technical outlook.
Those familiar with the crypto sphere will recognize that this isn't the first time Shiba Inu has stumbled in the wake of large-holder sell-offs. Earlier this year, similar activity presaged a rapid drop in February, signaling a bearish trend. As February’s inflow of 3.5 trillion SHIB swung suddenly to an outflow, the price hit a new bottom, now lower than the previous ATH.
The current landscape shows Shiba Inu at its lowest ebb in over a year, trading at approximately $0.0000125 per token. The technical indicators, too, serve as an omen. The daily Relative Strength Index (RSI) is languishing in the low to mid-30s, suggesting that while yet oversold, the bears are firmly gripping the narrative.
For Shiba Inu’s loyal cadre of retail investors and advocates, the takeaway is clear. The crypto sphere, fraught with its ever-present volatility, demands vigilance. As whales sway market tides through their substantial holdings, they remind us both of their influence and the delicate balance of cryptocurrency ecosystems.
Amidst the chaos, whether Shiba Inu can find more stable ground soon is speculative at best. But in crypto, as in life, every fall follows the potential rise—the ardent holdout waits to see if and when the tides will turn.
