SHIB News: Whale Activity Declines and Market Sentiment Weakens Amid Price Drop
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Recent developments in the world of Shiba Inu (SHIB) have raised concerns among investors, with a notable decline in whale activity and weakening market sentiment.
Shiba Inu Whale Activity Declines 79% - Market Sentiment Weakens
A well-known crypto trader has revealed a 79% drop in whale activity for Shiba Inu (SHIB) over the past three months, suggesting weakened market sentiment towards the meme coin. This decline mirrors the broader downturn in meme coins. Additionally, Shiba Inu has fallen 5.5% in the past 24 hours, partially due to the impact of the Bybit hack.
Shiba Inu Price Drop and Whale Wallet Activity
Shiba Inu (SHIB) price hovered around $0.000013 on Tuesday after dropping nearly 12% the previous day. According to Santiment Supply Distribution data, whale wallets have decreased SHIB holdings by 61.5 billion tokens in the last ten days. The technical outlook suggests a further correction targeting the $0.000010 level.
Shiba Inu (SHIB) Price Correction and Recovery Potential
Shiba Inu (SHIB) has faced significant price corrections over the past few weeks, down 7.3% daily, 10.7% weekly, 14.9% in 14-day charts, and 30.8% monthly. However, since February 2024, SHIB’s price has rallied by 44.4%. The latest market dip follows the reimposition of US tariffs on Canada and Mexico, although a 30-day pause led to slight recoveries. Additionally, a Bybit hack resulting in the theft of nearly $14 billion worth of assets further impacted the crypto market, including SHIB.
Shiba Inu’s Massive Token Burn Surge – Price Under Pressure
Shiba Inu [SHIB] has seen a massive 2532.14% hike in token burns over the last 24 hours, aiming to reduce supply and potentially lead to upward price pressure. However, despite this impressive burn momentum, the price of SHIB has remained under pressure, currently standing at $0.00001469 with a 6.16% fall in the last 24 hours. On-chain signals and liquidation heatmap revealed bearish sentiment, signaling potential further price declines.
