Shiba Inu Whale Exodus Sparks Fear of Price Plunge
Big players are bailing—and the meme coin's foundation is cracking. When whales ditch ship, retail investors often drown. Here's why SHIB's 'community-driven' narrative might not be enough to stop the bleeding.
Whale wallets are dumping, not accumulating. That's a red flag in any market—even in crypto's circus of hype. Remember: when the so-called 'smart money' flees, they're not leaving a forwarding address.
Another day, another 'decentralized' asset proving it's still at the mercy of a few deep pockets. The irony would be delicious if it weren't so expensive for bagholders.
Shiba Inu NPL and whale transaction | Source: Santiment
Additional data shows Shiba Inu’s spot market volume has also declined. Over the past 24 hours, SHIB recorded just $141.8 million in daily trading volume, significantly lower than other meme coins. Dogecoin registered $764 million, while Pepe topped the list with $1.08 billion.
Shiba Inu price technical analysis
The daily chart shows that SHIB peaked at $0.00001762 on May 11, following a broader crypto market rally. Since then, it has dropped to $0.00001275, breaking below the lower boundary of an ascending broadening wedge pattern.
SHIB has also moved below the 50-day and 100-day Exponential Moving Averages, reinforcing a bearish bias. The Relative Strength Index remains above the oversold zone, suggesting that further downside is still possible.
Given the current setup, capitulation may continue, with sellers likely targeting the next key support level at $0.000010, the lowest point from April 7. A move above the 200-day moving average at $0.00001570 WOULD be required to invalidate the current bearish outlook.
