SHIB News: Weak Demand and Potential Losses for Shiba Inu, Large Token Withdrawal from Coinbase

Shiba Inu faces weak demand and potential further losses, despite a recent bounce. However, a large withdrawal of Shiba Inu tokens from Coinbase hints at possible market accumulation.

Shiba Inu Faces Weak Demand and Potential Losses

Shiba Inu demand remains weak, indicating possible further losses. The 1-day price chart suggests continued decline, despite a disagreement on the H4 chart. A 9% bounce in the past ten days could quickly reverse due to lack of demand. Interestingly, 151.61 billion Shiba Inu tokens worth $2.41 million were withdrawn from Coinbase, hinting at potential market accumulation. Daily price action remains bearish, but there's a market structure shift on the 4-hour chart. Traders are uncertain if there's enough demand to sustain this shift or if more losses are imminent.

Shiba Inu Faces Correction, Market Dip Likely Due to Macroeconomic Factors

Shiba Inu (SHIB) has experienced a correction over the past few weeks, with a 1.7% daily drop and a 30.1% decrease over the previous month. Despite this, there have been no changes in the weekly charts, and SHIB has rallied 9.4% in the 14-day charts and nearly 62% since February 2024. The current market dip is likely influenced by macroeconomic factors, with investors possibly avoiding risky assets like cryptocurrencies. SHIB's ranking has slipped to 20th by market cap.

Shiba Inu Price Consolidates as Whale Demand Declines 88%

Shiba Inu price has been consolidating around the $0.000016 mark over the past two weeks. During this consolidation phase, whale investors have gradually reduced their exposure to SHIB, as indicated by an 88% decline in average transaction size on the Shiba Inu network between February 3 and Sunday. Technical indicators such as RSI and EMA signal potential breakdown risks ahead, with $0.000015 as a key level to watch. Despite the stagnation, Shiba Inu maintains its position as the second-largest meme coin.

Shiba Inu Struggles to Regain Momentum Amid Market Decline

Shiba Inu (SHIB), the second largest meme coin, has faced a tough start to the new year. Despite several assets reclaiming their peaks or reaching new highs, SHIB has remained on the sidelines, experiencing a decline in price, market cap, and ranking. Currently ranked as the 17th largest cryptocurrency, SHIB has made way for newer assets to take over. The asset recorded a drop of nearly 2% over the past 24 hours and is currently priced at $0.00001594, 81% below its all-time high achieved in 2021. Can SHIB recover and rise in the coming days?