CandleFocus Shiba Inu Holders Cash Out $426 Million in Largest Selloff Since 2022
2025-01-08
Author: Content Editor
The leading meme coin, Shiba Inu (SHIB), has experienced a 10% price decrease in the past 24 hours following a significant selloff of $426 million on Tuesday. The selloff, which was the largest since 2022, has led to profit-taking by traders and increased selling pressure on SHIB. The coin's Network Realized Profit/Loss (NPL) reached its highest value in months, indicating a significant amount of cryptocurrency being sold at a profit. This influx of selling pressure, combined with a declining Relative Strength Index (RSI) reading, suggests market weakness and the potential for further price declines. The coin has been trading within a descending parallel channel, indicating sustained selling pressure. However, if the selloffs decrease and traders start buying SHIB, the bearish outlook may be invalidated, potentially leading to a price rally.
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