Market Volatility: Shiba Inu’s Unprecedented Sell-Off Spreads Across Multiple Investor Groups
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Shiba Inu’s widespread dumping from 2 key groups – Sell pressure rising?
The crypto market is abuzz with the news of a massive sell-off in Shiba Inu (SHIB) as whales and retailers alike have abandoned ship, leaving the token reeling under immense pressure. This unprecedented dumping has sent shockwaves throughout the cryptocurrency community, with analysts scrambling to make sense of this unprecedented turn of events.
According to recent data from IntoTheBlock, a leading blockchain analytics firm, whales – large investors who hold significant amounts of SHIB – have offloaded a staggering 359 billion tokens in just one day. This constitutes an increase of 229% from the previous day’s volume of 109 billion tokens. This extraordinary selling activity is a clear indication that even the largest holders are losing confidence in the token, which could lead to further market turmoil.
This sell-off frenzy has not been limited to whales alone; retailers have also joined the bandwagon, further exacerbating the issue. Data from Coinalyze reveals an astonishing negative order imbalance of 134.15 billion SHIB tokens. This means that sellers are currently dominating the market, with more sell orders being executed than buy orders.
The data is clear: all market participants – large holders and retailers alike – have simultaneously lost faith in Shiba Inu’s prospects, leading to a sea of red as the token has plummeted by 8.4% over the past week and 1.84% in just 24 hours. The writing appears to be on the wall: sellers are firmly in control.
Conventional wisdom would suggest that this kind of sell pressure could lead to a sharp correction, potentially even a decline to as low as $0.00001274. However, some analysts argue that if buyers can step up and challenge the bears at this juncture, we may yet see SHIB reclaim its earlier highs around $0.00001397.
The critical factor here is whether or not the token can close above $0.00001376 on a daily basis. If this happens, bulls will gain renewed momentum, potentially arresting this precipitous decline and giving investors reason to reenter the market.
Source: https://ambcrypto.com/shiba-inus-widespread-dumping-from-2-key-groups-sell-pressure-rising/
