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Shiba Inu is facing growing uncertainty as whales offload 1 trillion SHIB in a massive sell-off. With whales retreating and SHIB struggling to break resistance, the market is bracing for potential downward pressure on the token.
Whale Exodus Drains SHIB Transactions
Shiba Inu has been going through a rough patch recently, according to data recorded on the blockchain. Recent statistics show that SHIB has seen a pitiful 1 trillion SHIB transactions in the last 24 hours, a sharp drop from the seven-day high of 4 trillion SHIB on October 9th.
Large investors, sometimes known as "whales," have started to cut back on their holdings of the asset, and the precipitous decline in value indicates that they are selling out. This drop in transaction volume reveals a serious issue: large-scale and institutional investors are not backing purchases.
Struggles to Break Key Resistance Levels
The market's overall sentiment and potential uncertainties regarding SHIB's ability to sustain price momentum, especially considering its failure to hold onto key support levels, could be the cause of the whales' retreat from the stock.
There is a critical resistance level around $0.000017 on the price chart that SHIB has been struggling to break through, limiting any further upward progress. The falling trend of large transactions indicates that not a lot of money is flowing into the market, which makes it hard for SHIB to get any serious positive momentum.
SHIB Holds Above 200-Day Moving Average
Despite the facts suggesting a gloomy picture, SHIB maintains a positive attitude. The price remains above the 200-day moving average, which often provides long-term support.
If SHIB can reverse its fortunes and get momentum beyond this level, a comeback may be possible, U.Today explains. Large transactions are slowing down, and the whale migration is far from over, so for the time being, it's best to proceed with caution.
Whale Activity Must Rebound for SHIB Recovery
In order for SHIB to change people's minds, there has to be a huge uptick in buying pressure. Due to the ongoing whale exodus and poor market performance, SHIB may not be able to achieve any substantial advancement in the near future unless this is implemented.
