In a dramatic turn of events, Shiba Inu (SHIB) whales moved 1.2 trillion tokens within 24 hours as the cryptocurrency faced increased selling pressure and a significant market downturn.

SHIB Token Volume Exceeds 1.2 Trillion in 24 Hours

Based on on-chain analytics and recent price swings, Shiba Inu has gone through a lot.

U.Today reports that the volume of SHIB tokens exchanged during the last 24 hours exceeds 1.2 trillion. This large volume of transactions does not appear to be providing the necessary support for the asset, which is currently trending downward.

SHIB Price Restricted in Falling Channel

A daily chart of SHIB/USDT shows that the price of SHIB has been restrained within a falling channel. This negative trend is shown by SHIB's difficulty in breaking above important resistance levels. Constant selling pressure is visible at the 200, 100, and 50 EMAs.

The bearish picture is reinforced by the fact that the price of SHIB is below all of these important moving averages. As a well-known indicator of a downtrend, SHIB makes lower highs and lower lows.

Constant downward pressure on the price means that any attempts to break out of this pattern are met with more drops.

Significant Activity with $184 Million in Deals

By examining the on-chain data, one can learn more about SHIB's present status. In the past week, there has been a lot of activity with the asset, with deals totaling $184 million.

Still, there are a lot of on-chain signals that point to a generally negative attitude.

According to Shiba Inu's technical indications and on-chain statistics, things don't seem good. Regardless of the amount of trades, the asset's price is inevitably going down.

The charts show that SHIB's price dropped significantly below the lower border of the falling channel it entered a few weeks ago, rendering the channel useless.

The crypto market as a whole has taken a significant nosedive, so it's doubtful that Shiba Inu will make a full recovery any time soon.