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The second most popular meme coin in the crypto world, Shiba Inu (SHIB), once known as the DOGE killer, has experienced a significant decline in coin flow towards major investors on exchanges over the past 7 days. This situation is thought to be due to the consistent decline in SHIB, linked to the overall market downturn. As of the time of writing, SHIB has dropped 5.81% in the last 24 hours, bringing the price down to $0.00001522.
Shiba Inu Comments
The deepening decline in SHIB over the past weeks has triggered a drop in whale trading activities, indicating that investors are avoiding losses. On-chain data shows that the net flow of the coin among whales has decreased by over 500% in a week.
This metric highlights the transactions of whales sending to and withdrawing from exchanges. An increase in net flow suggests that major investors are moving towards exchanges, often indicating they might be preparing to sell their tokens, which could increase selling pressure.
Conversely, a decrease in the metric can be interpreted as major investors holding their tokens off exchanges, waiting for the right time. Considering the whales’ strategy, it is clear that they are avoiding selling due to the current price drop and are eyeing potential future gains.
An analysis of the seven-day moving average shows that SHIB’s daily trading volume profit/loss ratio was 0.57 positive trades for every losing trade last week. This indicates that SHIB investors have faced more losses than profits in the past 7 days.
SHIB Price Outlook
The recent price drops in SHIB have led to its price falling below the 20-day exponential moving average (EMA), which reflects the average price trend over the past 20 trading days.
When the price of the asset falls below the 20-day EMA, it indicates a decreasing buying pressure. If SHIB remains below this level, the meme coin’s price could drop to $0.0000151, potentially deepening the decline. However, if sufficient demand arises and the price rebounds above this level, SHIB could rise back to $0.0000185.
