Whale sold 801 billion SHIB in 24 hours, how does it affect the price?

In the past three days, the crypto market has been extremely volatile. With the widespread collapse, investors, retail traders, and whales have expressed panic and fear.

Therefore, when the market collapsed, Shiba Inu whales (SHIB) began to panic sell. As a result, whale activity on the sell side surged over the past day.

Source: IntoTheBlockAccording to IntoTheBlock, Shiba Inu whales have sold 801.04 billion tokens, up from 180.76 billion tokens compared to the previous day. This figure indicates an increase of 343.18% in the outflow of large holders.

This sudden increase in volatility implies that Shiba Inu whales are selling off more aggressively than buying in.

Source: IntoTheBlockIn addition, large holders sell more than capital flows in. This is evident in the large net flow of large holders that plummeted and fell into negative territory.

At the time of writing, the net flow is at 256.9 billion. When the net flow falls into the negative zone, it means that more capital is flowing out from larger investors than is flowing in. Specifically, whales only bought 544 billion tokens during the same period.

The negative imbalance indicates that large investors are currently hesitant and lack confidence in the market. As whales shift to aggressive selling, it signals their bearish tendency and expectation of falling prices, prompting them to decide to sell to cut losses.

How does it affect SHIB?

As predicted, the intensified sell-off by whales has negatively impacted the price movement of SHIB. On the daily chart, this memecoin dropped from a high of $0.00001173 to a low of $0.00001125. At the time of writing, Shiba Inu is trading at $0.0000108.

The price fell after showing signs of recovery the day before and a 8.45% increase indicates that selling pressure from whales is affecting the market. The question is: will the price of SHIB continue to decline further?

SHIB will go where?

According to the analysis, Shiba Inu is facing strong downward momentum amid increasing selling pressure, as evidenced by the declining Stoch RSI and MACD indicators.

The Stoch RSI indicator has also decreased from 11 to 4.9 over the past 24 hours as of the time of writing. This downward trend indicates a stronger bearish momentum than ever before.

Source: TradingViewThis is further confirmed by the MACD line, which has fallen into negative territory. With the momentum indicators declining, they suggest that the current trend may continue.

Therefore, if the sell-off continues and the downward momentum remains strong, Shiba Inu could drop to $0.00001. To reverse the bearish trend, this memecoin needs to close the day above $0.00001142.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.

• The memecoin craze is back: Will SHIB replicate its successful pattern like at the beginning of 2024?
• The SHIB ETF proposal sparks hope – Will this boost trigger an explosion?
• Rekt Capital targets Bitcoin at $70,000 based on the weekly RSI index.

Dinh Dinh

@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^=“wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb”] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^=“wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb”] { width: 728px; height: 90px; } }