2024-6-6 16:20 |
The last month has been marked by an uptick in Shiba Inu (SHIB) whale activity. However, this was not reflected in the price of the leading meme coin during that period.
Exchanging hands at $0.000025 at press time, SHIB’s value rallied to a peak of $0.000028 on May 29 and has since declined by almost 10%.
Shiba Inu Whales Fail to Move the NeedleIn the last month, there has been a surge in the daily count of large SHIB transactions.
The number of transactions worth between $100,000 and $1 million has increased by 238% in the last 30 days, and the number of larger transactions valued between $1 million and $10 million has also increased by 50% during the same period.
Shiba Inu Whale Activity. Source: IntoTheBlockA rise in whale transaction counts suggests that large investors are becoming more interested in the asset. This may be due to a number of reasons varying from the asset’s positive price performance to the overall market outlook.
In SHIB’s case, the surge in the meme coin’s whale activity is attributable to the growth witnessed in the general meme market in May.
However, while this growth caused other meme assets such as Pepe (PEPE), dogwifhat (WIF), and Floki (FLOKI) to witness significant spikes in their values, the low demand for SHIB put downward pressure on its price.
Read More: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024
Shiba Inu Network Activity. Source: IntoTheBlockStill low at press time, the count of SHIB’s active and new addresses has plummeted by 13% and 9% in the past seven days. When the demand for an asset craters in this manner, it confirms that the market trend has shifted from positive to negative.
SHIB Price Prediction: Brace For a Price Drop?The dots that comprise SHIB’s Parabolic Stop and Reverse (SAR) indicator are above its price at press time.
This indicator identifies an asset’s potential trend direction and price reversals. When its dots lie above the price, it is a bearish sign. It suggests that the market is declining, and the asset’s price may continue to fall.
Also, readings from SHIB’s Moving Average Convergence Divergence (MACD) indicator revealed an upward intersection of the signal line (red) with the MACD line (blue) on June 2. This crossover is a bearish signal, which suggests that SHIB’s short-term average has fallen below its long-term average.
Traders view it as a sign to exit long and open short positions.
Shiba Inu Analysis. Source: TradingViewIf this trend is sustained and market participants continue to close out their long positions, SHIB’s price may dip to $0.000023.
Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
Shiba Inu Analysis. Source: TradingViewHowever, if this is invalidated, the meme coin might exchange hands at $0.000026.
The post Shiba Inu (SHIB) Price Falters Despite Uptick in Whale Activity appeared first on BeInCrypto.
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