It is understandable why Shiba Inu (SHIB) has become so well-known in the cryptocurrency industry. The token’s price went from a 7 to an 8, with an astounding 12.5% increase in only the previous week.
Everyone is wondering, though, if the cryptocurrency behemoth can keep going uphill or if it will run into a strong resistance area.
The Shiba Inu token price chart is now behaving suspiciously, and significant holders and investors are paying attention to the warning indicators.
Reputable on-chain analytics company IntoTheBlack has data showing that in the past day, major investors have sold off a whopping 254.75 billion SHIB worth of Shiba Inu tokens, a 44% increase in value.
By contrast, the amount of SHIB that dropped into the wallets of major holders fell to 360.8 billion, a significant decrease of 74.2% from the day before.
Two possible explanations for these rapid movements—a drive to cash in on gains or the expectation of a price correction—could be seen as a mass evacuation of Shiba Inu whales.
More signals
Ali Martinez, a well-known crypto specialist, has expressed similar worries.
https://x.com/ali_charts/status/1718877718509392136?s=20
He made the observation that the daily chart of Shiba Inu (SHIB) and other cryptocurrencies, such as Dogecoin (DOGE), Cardano (ADA), and Injective (INJ), has a sell signal flashing on the TD Sequential indicator.
This signal implies that before the uptrend resumes, there may be a possible correction approaching.
Shiba Inu’s future is yet unknown, and the cryptocurrency market is always unpredictable. All eyes are now on SHIB’s response to this potential correction and if it can continue its ascent towards new local highs as the whales withdraw.
