CandleFocus

Shiba Inu Plummets 30,045% in Whale Netflows, What It Means

Author: Content Editor
Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a significant drop of 30,045% in whale net flows, indicating that large holders are reducing their positions or selling. This drop could be due to profit-taking and negative sentiment in the broader crypto market. However, it is important to monitor how the larger market moves in the coming days to determine the impact on SHIB's price. Despite this negative development, analysis suggests that Shiba Inu has the potential to perform well once Bitcoin stabilizes and altcoins see renewed growth. The 30-day average trading returns for SHIB are slightly down, while long-term returns have seen a substantial decrease. The percentage of supply held by wallets with less than one billion SHIB is at its lowest level since November 2022, indicating a high level of fear, uncertainty, and doubt (FUD) in the network. However, FUD can often lead to price increases. As of the time of writing, SHIB is down 0.48% in the last 24 hours to $0.00001329.

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