- Recent whale activities involving Shiba Inu (SHIB) have seen a significant surge with 3.8 trillion tokens being transferred.
- Despite the noticeable rise in whale inflows, the overall market sentiment for SHIB remains bearish.
- In the past few months, the cryptocurrency market has been highly volatile, with Bitcoin (BTC) fluctuations impacting various altcoins, including SHIB.
Shiba Inu sees a notable uptick in whale activities, but market sentiment remains bearish. Discover the impact on SHIB prices and what it means for investors.
Surge in SHIB Whale Activities
Recently, Shiba Inu has seen a remarkable resurgence in whale activities indicating the token’s growing prominence among major holders. According to CryptoQuant, within the last 24 hours, a total of 3.8 trillion SHIB tokens have been transferred. This activity marks a substantial increase in interest and confidence among large SHIB holders, who are significant movers in the market.
Confidence Among Large SHIB Holders
Analyzing the market trends over the past week reveals growing investor confidence in Shiba Inu. Data from IntoTheBlock highlights a sharp increase in large holders’ transactions, moving from a low of 117.17 billion to a high of 860 billion tokens. At present, the transaction inflow stands at approximately 849.67 billion, underscoring continued optimistic sentiment among significant investors regarding SHIB’s potential.
Impact on SHIB Price Charts
Despite increased large holder activities, SHIB’s market performance remains in a downtrend. Currently, SHIB is trading at $0.00001554, reflecting a 7.48% decline over the week. On a monthly scale, SHIB has seen a continuous downturn with a 6.59% drop, and in the most recent 24-hour period, it has decreased by an additional 2.25%. This extended bearish sentiment suggests that large inflows have not yet translated into upward price momentum.
Market Indicators Reflecting Bearish Sentiment
The Directional Movement Index (DMI) further corroborates the bearish trend. The positive DMI index is currently at 14.25, trailing the negative index at 23.07, signaling a persistent downward movement. Additionally, the Relative Vigour Index (RVGI) shows a negative reading of -0.2164, lying below the signal line, indicating that average closing prices are lower than opening prices.
Moreover, the Chaikin Money Flow (CMF) at a negative 0.06 reinforces the higher selling pressure scenario. The Moving Average Convergence Divergence (MACD) also continues to reflect bearish dynamics, with short-term EMA situated below long-term EMA at -0.00000051. Unless there is a change in the current market sentiment, SHIB could potentially fall to its critical support level of $0.00001483.
Conclusion
In conclusion, while Shiba Inu has witnessed a substantial rise in whale activities reflecting confidence among significant holders, the broader market sentiment remains bearish. Indicators like the DMI, RVGI, CMF, and MACD all point to continued downward pressure on SHIB prices. Investors should closely monitor these indicators and market trends for potential signs of a trend reversal or further declines.
