Are Shiba Inu Whales Disappearing? Fear Index Rises as SHIB Whale Activity Reduces

Large holders of the seasoned meme coin Shiba Inu have apparently exited the market, leading to alarming questions being raised in the investor community. Recent statistics have shown a remarkable decrease in SHIB whale activity, as the sudden voluminous outflow has led SHIB into heavily bearish territory. 

With an uncapped market supply, SHIB is heavily reliant on market activity to dictate its prices. With several trillionaire holders migrating to other assets, potential trouble seems to be on the cards for Shiba. According to on-chain statistics, large holders of the SHIB token now control only 15.76% of the total market supply, as the number of SHIB retail investors grows. This may be a sucker punch for the coin as SHIB whale activity also indicated market confidence. 

Another development worth noting is that the exchange outflows are outpacing the inflows, as large holders continue to exit. This further corroborates the extended downtrend that $SHIB has been experiencing. This has negatively impacted buying trends as well, as retail investors, although increasing in numbers, have not been able to generate significant buying pressure. In the absence of said trend, the road ahead for SHIB looks rocky at best. 

SHIB Price Analysis of the Last 24 Hours

Shiba Inu started the day at $0.00001280 and was welcomed into the day with a death cross on the MACD line. The price began to fall, reaching  $0.00001268 two hours later. Soon the selling bandwagon cooled down, and a golden cross formed on the MACD, supporting a price rise as SHIB reached $0.00001317 by 7:30 in the morning. Although a short correctional phase was observed, the uptrend persevered despite overbought RSI levels. The death cross at 8:00 UTC finally sparked a notable downtrend as SHIB dipped to $0.00001259 at 13:55 UTC, the lowest it has been in a year.

The price found stable support at that point. Buying pressure once again started to build momentum, pulling back from the heavily oversold levels. A massive golden cross appeared, and with two spikes, reached $0.00001367 within three hours. At 16:55, finally, a death cross appeared, but the EMAs converged again quickly, as SHIB launched upward once more, reaching a high of $0.00001383. Soon, a death cross appeared again, and selling pressure tugged the RSI back to normalcy. A downtrend commenced as SHIB reached $0.00001312 by 19:35. 

A trading range ensued as SHIB fluctuated, waiting for a breakout. The breakout eventually came with a 00:20 UTC golden cross on March 17. The price would climb again, reaching $0.00001351 by 3:00 AM UTC. But by then, overbought conditions and a death cross had already brought upon a decline, as SHIB continued to fall till the afternoon.

SHIB price prediction: Is there a chance for SHIB recovery?

SHIB’s woes with market activity continue, and the same is reflected on the price charts as well. SHIB retail investors are not able to create extended buying pressure to sustain the upward momentum, and thus short skyward spikes are the only positives for SHIB at the moment. If the big guys return and SHIB whale activity again gains traction, a strong recovery can be made. Otherwise, the red on the charts looks set to stick around for a while.