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Shiba Inu (SHIB) Sees Significant Decline as Whales Withdraw

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Shiba Inu (SHIB) Sees Significant Decline as Whales Withdraw

Shiba Inu (SHIB) is already in a complicated state, and the departure of large holders exacerbates the situation. The notable decrease in large transactions signifies one clear thing: whales have capitulated, leaving a substantial amount of SHIB waiting for buyers. 

SHIB’s value has plummeted to $0.00001329. The significant reduction in large SHIB transactions indicates that major holders are exiting the market. Consequently, a large amount of SHIB remains unsold, reflecting the whales’ loss of confidence. This mass withdrawal of funds contributes to an overall negative market sentiment.

Related article: SHIB Leader Allegedly Appears at IVS 2024, Identity Unconfirmed

Trading Volume Reflects Market Activity

Trading volume figures support this trend. In the last 24 hours, SHIB’s total volume surpassed 1 trillion, hitting a seven-day high of two trillion on July 3 and a seven-day low of 947 billion on June 29. These fluctuations in trading volume illustrate the heightened market activity amid the whales’ departure.

Moreover, on-chain signals reinforce the bearish outlook. The In the Money metric, highlighting the negative market sentiment, shows that most SHIB holders are incurring losses. Exchange signals further paint a bleak picture. The volume difference between bid and ask reveals that buyers and sellers are applying equal pressure. However, the absence of bullish signals from exchange metrics suggests a lack of buying interest at current prices.

Lack of Futures Contracts Increases Selling Pressure

Furthermore, SHIB’s lack of futures contracts leaves investors without a mechanism to hedge against further declines, potentially intensifying selling pressure. This absence of protective measures in the market heightens the risk of additional price drops. 

Related article: SHIB Plunges to New Low: Fire Sale or False Bottom?

The combination of whale flight and the subsequent 15% decline underscores the erosion of market faith in SHIB. This exodus of large holders, coupled with unfavorable on-chain and exchange metrics, illustrates a growing lack of confidence among investors. 

As SHIB navigates these turbulent times, the market’s sentiment remains predominantly negative, awaiting signs of renewed interest from buyers.

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