Almost 2 trillion worth of Shiba Inu tokens have been moved in the last 24 hours, but it is not as much as it may seem. According to IntoTheBlock’s indicators, the amount of SHIB transacted by larger whales in the last 24 hours barely reaches the last week’s average, which is quite explainable considering the poor performance of Shiba Inu on the market in the last 24 hours.
The whale transaction volume is still within normal ranges. SHIB’s recent market performance has not been great, which is consistent with general market trends.
Altcoins like SHIB are feeling the heat as a result of declines in Bitcoin and Ethereum. SHIB’s poor performance is caused by a number of factors. First off, sentiment in the cryptocurrency market turned negative after the correction of Ethereum. Riskier assets like Shiba Inu are being dodged by investors in favor of more reliable ones or assets outside of the crypto industry. This change is reflected in the trading patterns where despite high transaction volumes, the price of SHIB stays largely unchanged.
Furthermore, SHIB’s network metrics also do not present a positive image. Both the quantity of active addresses and the quantity of newly created addresses have been declining. Because fewer new investors are joining the market and holders are not as active as they once were, this suggests that there is less interest in SHIB.
As for the technical state of SHIB, the upward momentum has been capped, and the 50-day moving average functions as a support right now. However, the 200-day moving average also offers a strong foundational support that could stabilize prices in the near term.
An examination of volume reveals that trading activity has surged, especially in the wake of the recent price declines. This may further pressure SHIB’s price downward as it indicates a greater level of activity from sellers. RSI is still neutral but trending toward an oversold situation if it continues to move in that direction hovering around 49.
Read the full article here
