Shiba Inu tokens worth over 2 trillion have not been changed in the previous 24 hours, despite appearances to the contrary. Given the weak performance of Shiba Inu on the market over the last 24 hours, it makes sense that the quantity of SHIB traded by bigger whales in the last 24 hours has hardly reached the average of the previous week, according to IntoTheBlock’s metrics.
The amount of whale transactions is still within typical bounds. The recent poor market performance of SHIB is in line with overall market trends.
Declines in Ethereum and Bitcoin are putting pressure on altcoins like SHIB. There are several reasons behind SHIB’s subpar operation. First off, following Ethereum’s drop, mood in the cryptocurrency market deteriorated. Investors are avoiding riskier assets, such as Shiba Inus, in favour of safer options or assets that aren’t related to the cryptocurrency market. This shift can be seen in the trading patterns, as the price of SHIB essentially keeps the same despite significant amounts of transactions.
Moreover, SHIB’s network measurements don’t give a good impression either. There has been a decrease in the number of newly established addresses as well as the number of active addresses. It appears that there is less interest in SHIB as fewer new investors are entering the market and holders are not as active as they formerly were.
Technically speaking, SHIB’s rising momentum has reached a ceiling, and the 50-day moving average is currently acting as support. But the 200-day moving average also provides a solid base of support that may help keep prices stable in the short run.
Trading activity has increased, especially in the aftermath of the recent price falls, according to a volume analysis. This suggests more sellers are active, which might put more negative pressure on SHIB’s price. The RSI is now neutral, but if it keeps moving in that direction, lingering around 49, it may be headed towards an oversold condition.
