Over 880 billion SHIB tokens have been moved in the last 24 hours, indicating that Shiba Inu is currently experiencing a major outflow of funds. This outflow, which is largely the result of whale activity, indicates a weakening of confidence in SHIB as a strong competitor in the meme coin space.
The latest on-chain data shows a sharp drop in large transaction volumes, suggesting that whales, the usual market movers, are reducing their exposure to SHIB. The seven-day high of 46 transactions on August 9 was surpassed by just 39 large transactions during the previous day.
This decline in transaction volume may indicate that large holders are becoming less interested in SHIB. The number of SHIB tokens involved in large transactions over the past 24 hours has dropped from a seven-day high of 1.51 trillion SHIB on August 12 to a total of 888.03 billion SHIB tokens.
The corresponding USD value also dropped sharply, from $21.08 million at its peak to $11.79 million in SHIB moved. This sharp drop in USD and token volume foreshadows a worrying trend for the future of SHIB. In addition, the price action reflects weakening activity.
A cross of the 50 EMA below the 200 EMA – often referred to as a death cross – is a bearish signal that could foreshadow further declines for SHIB as it continues to trade below important moving averages. The lack of buying pressure and waning interest from large investors indicate that tough times are ahead for SHIB.
SHIB’s recent performance suggests it may struggle to maintain its position as the meme coin market becomes more competitive. Continued token loss and declining transaction volumes highlight growing doubts about SHIB’s future. SHIB may face significant hurdles in regaining its previous momentum if these trends continue.
