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Shiba Inu’s Widespread Dumping From 2 Key Groups – Sell Pressure Rising?
As the cryptocurrency market continues to be plagued by uncertainty and volatility, a new development has emerged that raises eyebrows. Recent data reveals that Shiba Inu is facing unprecedented selling pressure from two key groups: whales and retailers.
According to IntoTheBlock, it appears that these large holders are aggressively offloading their holdings of SHIB. The outflow surged by a staggering 229% in just one day, with the whales dumping a massive 359 billion tokens. This sudden and intense sell-off has led to a sharp decline on the price charts.
Unfortunately, this selling pressure is not limited to just whales. It seems that all market participants are now following suit, with a negative order imbalance of 134.15 billion recorded by Santiment. This suggests that sellers are overwhelmingly dominating the market, as more sell orders are being executed than buy orders.
Furthermore, it appears that holders are sending their tokens to exchanges at an unprecedented rate. CryptoQuant data shows that over the past two days, there has been a net inflow of 252 billion SHIB tokens into exchange wallets. This is a concerning trend, as historical analysis suggests that such a development often precedes sharp price declines.
The impact on Shiba Inu’s (SHIB) market action is already being felt. The memecoin has experienced a significant decline in value over the past week and 24 hours, with prices plummeting by 8.4% and 1.84%, respectively.
As such, it seems that any chance of a reversal rests on whether buyers can re-enter the market and challenge these bearish sentiments. A daily close above $0.00001376 is necessary for this outcome to materialize.
Source: https://ambcrypto.com/shiba-inus-widespread-dumping-from-2-key-groups-sell-pressure-rising/
