Related Articles
Shiba Inu price remains under pressure and is hovering near its lowest level this year as demand wanes.
Summary
- Shiba Inu price has formed a descending triangle pattern.
- Whales and smart money investors have dumped their tokens.
- SHIB exchange reserves have continued falling this year.
Shiba Inu’s ruff patch continues: SHIB nosedives to $0.0000092, barely dodging its yearly low of $0.0000083. The meme coin’s bite has vanished, with a staggering 72% plunge from its peak this year, making it a top dog in the crypto loser kennel.
Shiba Inu’s tail is between its legs. Investor interest has evaporated, sending its price plummeting. Spot market volume, according to CoinMarketCap, has crashed below $200 million. The futures market paints a similarly bleak picture, with open interest scraping the bottom for months. Is this just a temporary dip, or is the Shiba Inu dream officially dead?
You might also like:
Bitcoin price crashes below $100K, what’s triggering the sell-off today?
A mass exodus of whales is deepening the crypto plunge. Their holdings have plummeted from 220 billion tokens in late October to a mere 102 billion, signaling a chilling forecast: prepare for further descent.
Is the Shiba Inu tide turning? Recent data reveals that both celebrity backers and seasoned investors are trimming their holdings of the meme coin. Smart-money wallets, currently holding 43 billion tokens, have decreased their position by nearly a quarter in the last month. Meanwhile, public figures, still holding a hefty 399 billion tokens, have lightened their load by almost 5%. Could this pullback signal a shift in sentiment towards SHIB, or is it simply profit-taking at play? The numbers tell a story; it’s up to you to interpret the ending.
Beneath the Shiba Inu frenzy and the meme coin mania, a darker current swirls. Whales, the titans of crypto, are quietly unloading their Pepe and Dogwifhat fortunes, leaving smaller investors adrift.
Shiba Inu supply shock? A staggering 18 trillion tokens have vanished from exchanges since last October, plummeting from 295 trillion to a mere 277 trillion. Is this the prelude to a parabolic pump?
SHIB exchange reserves are falling | Source: Nansen
Shrinking exchange reserves? That’s not a red flag, it’s a revolution! Holders are snatching their tokens back, ditching centralized platforms for the safety of their own wallets. But hold on, this exodus alone won’t ignite a price explosion. The embers of Shibarium’s activity have cooled, and the burn rate? Barely a flicker. Self-custody is a start, but this token needs more fuel to truly take off.
Shiba Inu price technical analysis
SHIB price chart | Source: crypto.news
SHIB’s price chart is flashing red signals this month. Sinking beneath the waves of all key moving averages, it’s carved out a textbook descending triangle – a pattern that often foreshadows further bearish dives. Is this the calm before another storm for the Shiba Inu faithful?
SHIB’s descending triangle crumbled, and now it’s staring into the abyss. After piercing the lower boundary, it bumped its head on the broken support – a classic bearish kiss goodbye. Buckle up; this pattern break typically signals more pain ahead.
Brace for impact. Bears are circling, eyeing $0.0000075 as the next target in their sights. The drop isn’t just possible, it’s practically telegraphed, especially if the flimsy $0.0000083 support crumbles.
You might also like:
Zcash jumps to 2nd largest holding in Arthur Hayes’ family office crypto portfolio
Thanks for reading Shiba Inu price at risk as whales sell exchange reserves rise
