Shiba Inu Price Steady Despite Whale Transactions Crashing 84%

Shiba Inu (SHIB) trades in the green over the past 24 hours with a modest 4% gain despite whale transactions on the network dropping by a staggering 84%. The sharp drop signals reduced activity from top holders and may suggest waning interest. As whales remain on the sidelines, what’s next for Shiba Inu price? Will the price crash, or will the steady gains continue?

Shiba Inu Price Remains Steady Amid Falling Whale Transactions

Data from IntoTheBlock shows a notable decline in large Shiba Inu transactions valued at more than $100,000. On June 5, these transactions reached 24.3 trillion SHIB, marking the highest level since January. By June 9, the transactions had plummeted by 84%, with whales transacting only 3.83 trillion SHIB in 24 hours.

This decline shows that whales holding more than $100,000 worth of SHIB are stepping back and adopting a wait-and-see approach after booking profits on June 5. This signals a lack of confidence and low conviction in the short-term Shiba Inu price movements.

Moreover, looking at Shiba Inu’s performance since January, a sharp reduction in whale transactions, especially during periods of low volatility, has often preceded a major move. For instance, in early January, large SHIB transactions fell from 34.42 trillion to around 2 trillion. After this sharp drop. SHIB price fell by 50% from $0.000022 in January to a low of $0.000011 by April 8.

This trend could suggest that Shiba Inu price is facing bearish headwinds despite the recent gains. If retail holders also begin to offload amid a lack of whale buying to absorb the sold coins, this top meme coin may crash.

Large Holder Netflows Turn Negative

Shiba Inu’s large holder netflows have also flipped negative, currently sitting at -262 billion SHIB per IntoTheBlock data. This metric shows the net movement of tokens in and out of whale wallets holding at least 0.1% of SHIB’s circulating supply.

The negative netflows suggest that large SHIB addresses are offloading rather than accumulating, and this may have a bearish implication on price. Besides, the shift in netflows amid the 84% crash in large transaction volumes further supports the thesis that whales are pulling back and Shiba Inu price faces bearish trends.

What’s Next For SHIB Price?

As long as whales remain on the sidelines and hesitate to accumulate, Shiba Inu price may continue with the sideways movements that have seen it remain stuck in a range between $0.000010 and $0.000017 since February.

Moreover, a recent CoinGape analysis noted that most traders are opening short positions on SHIB, which highlights a bearish bias. While this may increase the chance of a short squeeze, the risk of losing critical support at $0.0000119 remains. Per the analysis,

“If SHIB closes below this support, which also marks the lower boundary of the parallel channel, it could add a zero.”

In conclusion, Shiba Inu price is at risk as whale transactions fell by 84% within four days, signalling that large holders are unwilling to accumulate. Meanwhile, negative netflows show that whales are selling at a higher rate than they are accumulating, which is also bearish. The bearish outlook signals that SHIB may lose support at $0.000019 and add a zero.

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