Shiba Inu's Bearish Blowout: Whales Shed 359 Billion Tokens in a Day
Shibu Inus Mass Exclusion from Two Major Communities – Could Selling Pressure escalate?
Shiba Inu's [SHIB] days are gloomy as the memecoin becomes a victim of relentless selling pressure. Frustrated whales and retailers seem to be shedding their holdings, hoping to dodge further losses.
Data from IntoTheBlock indicates that whales have gone hog wild, pumping up their SHIB outflows by an astounding 229% in a single day, from 109 billion to a staggering 359 billion SHIB. Large Holders' Netflow slid to a meager 4 billion SHIB, shouting out sales like never before.
Whales Going Wild: Last Confidence in the Market Vanishes
Such an enormous sell-off from the big guns screams increased panic in the market. When whales engage in such excessive offloading, they usually don't have much faith in the market's future direction, expecting prices to plummet.
However, it's not just the biggies who are rushing to sell.
Chaos Across Cohorts: Panic Strategies Galore
The selling frenzy isn't confined within the big leagues alone. Coinalyze reports that SHIB's Buy/Sell Volume is a grim 134.15 billion shy, signaling that sellers are reigning supreme in the market.
What's more, Shiba Inu's Exchange Flow balance has flipped positive and is now standing firm at 5.3 million SHIB. This typically means there are more tokens being deposited into exchanges than withdrawn, almost always a sign of selling fever.
The Net Flow Confirms the Bearish Threat: A Tide of Tokens Flooding Exchanges
This bearish trend is further amplified by a persistent positive Exchange Netflow that's held steady for the last couple of days. On May 2nd, Shiba Inu recorded a whopping positive Netflow of 231 billion SHIB, which has since dropped to a still-substantial 21 billion SHIB tokens.
Historically, rising exchange inflows coupled with high sell pressure have set the stage for destructive price plunges. The token supply is weighing down the demand, preparing the ground for inflationary effects on price. If this persists, SHIB may be in for a rollercoaster ride in the near term.
The Aftermath: Shiba Inu's Plunging Price
As expected, the increased selling activity has taken its toll on Shiba Inu's price action. Honestly, at the time of writing, SHIB is trading at $0.00001324, down 8.4% for the week and 1.84% over the last 24 hours.
The continuous dip hints at a deeply bearish market mood that puts SHIB on the edge. If sellers hold sway, SHIB could tumble down to $0.00001274. On the other hand, if buyers barge back in and challenge the bears, SHIB might reclaim $0.00001397.
For the bullish outlook to remain relevant, SHIB needs a daily closing above $0.00001376.
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- Despite the bearish trend of Shiba Inu (SHIB), some investors are looking at other cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) for potential growth in the future.
- In the realm of finance, many are now considering diversifying their investing portfolios to include other crypto tokens like Ethereum (ETH) and Bitcoin (BTC) to hedge against potential losses in SHIB.
- Amidst the selling storm in SHIB, some investors are seeing it as an opportune moment to buy lower and exchange their holdings for other tokens such as Ethereum (ETH) and Bitcoin (BTC).
- As Shiba Inu (SHIB) continues its downward spiral, savvy investors are looking towards hexagonal switch-ups, engaging in cryptocurrency exchanges where they are swapping their SHIB for other promising crypto assets like Ethereum (ETH) and Bitcoin (BTC).
