The Shiba Inu cryptocurrency has been disappointing many investors lately, with those hoping for a birthday rally hitting a wall. Could recent whale movements explain this? SHIB is experiencing a significant drop despite strong transaction activity.
Shiba Inu: The free fall continues
Shiba Inu whales, labeled as bull run catalysts, appear to be deserting the ship. In just 24 hours, More than 1.2 trillion SHIB tokens have been traded. Despite this huge transaction activity, SHIB remains stuck in a persistent downtrend.
According to on-chain datathe SHIB is located still below the 200, 100 and 50 day moving averagesindicating constant selling pressure.
Every attempt to break through the resistance levels ends in failure.leading to further declines. One crypto expert pointed out:
” The situation is desperate for SHIB, unless there is a miraculous turnaround it will continue to fall. »
Key points to remember:
- 1.2 trillion SHIB traded in 24 hours;
- Transactions of $184 million in the last week.
Crypto in general: A delicate situation
Altcoins and memecoins like Shiba Inu are also suffering from the general retraction of the crypto marketTechnical indicators paint a gloomy picture.
For the Shiba Inu, the descending channel that SHIB had engaged in was invalidated by a substantial drop in price below its lower limit.
The latest statistics show significant transactions, but The general feeling remains pessimistic. The lack of support at these critical levels results in lower troughs and lower peaksclassic signs of a prolonged downtrend.
Shiba Inu's crypto isn't the only one being hit; Dogecoin and other memecoins are facing similar pressures.
However, despite the current challenges, several indicators show that there is hope for a turnaround in the Shiba Inu trend.
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