Shiba Inu chain data clearly shows a downward trend among whales. With the transaction volume of large transfers plummeting, some questions are being raised about the recovery Shiba Inu potential.
Shiba Inu chain data clearly shows a downward trend among whales. With the transaction volume of large transfers plummeting, some questions are being raised about the recovery Shiba Inu potential.
The charts show a sharp decline in the number of large Shiba Inu transactions over the previous seven days. Unlike the seven-day peak of 285 transactions on June 18, 2024, there were only 117 large transactions 24 hours ago.
This decline implies that major market participants are scaling back their activities or selling their stakes in SHIB. There has also been a sharp decline in the large volume of USD transactions.
Large transactions worth approximately $2.93 trillion SHIB were completed in the last 24 hours, while on June 13, 2024, the seven-day high reached $8.33 trillion SHIB. The absence of strong buying pressure from mainstream investors is reflected in the downward trend in trading volume, which may be a sign of SHIB price weakness.
Gamza KhanzadaevExamining the SHIB/USDT chart, we can see that SHIB has been trading below its important moving averages, indicating a bearish trend in the market. The price has fallen significantly below its previous support levels, even with a small rally. The drop below $0.00002 was recent.
Although SHIB is in the oversold area based on the RSI of around 36, some bargain hunters may be attracted, but the overall sentiment remains negative. The drop in large trading volume and the pessimistic attitude among whales indicate that Shiba Inu currently has limited chances of recovery.
SHIB could struggle to return to its previous highs in the absence of substantial buying activity from major investors. A more significant rally would require a change in attitude, as well as an increase in significant transaction volumes, which would indicate a return of interest from major market participants.
