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Shiba Inu has seen a 30,045% drop in whale netflows, signaling significant selling pressure or reduced positions from major investors. This could indicate profit-taking or increasing market fear as SHIB continues to navigate a turbulent crypto landscape.
Shiba Inu's Whale Netflows Plummet 30,045%
Shiba Inu (SHIB), a cryptocurrency with a dog theme, has seen a decline of 30,045% in whale net flows as of late.
In Large Holders Netflow, a measure that gives an idea of the change in whale positions, Shiba Inu is recording -30,045 percent, according to data from IntoTheBlock. A decrease in netflows indicates a reduction in positions or selling, whilst an increase in netflows indicates accumulation from major players.
Whales Sell or Reduce Holdings Amid Market Fear
Shiba Inu whale netflows have dropped 30,045%, which would mean that big investors are selling or cutting back on their holdings. This could be caused by either profit-taking or market sentiment.
Whales may be locking in earnings from recent price hikes, according to U.Today. Additionally, whales may be reducing their exposure due to poor sentiment or uncertainty in the broader cryptocurrency market.
Market Reaction Will Determine SHIB's Future
This could be seen as a negative sign, but how the market as a whole reacts in the next few days will determine the real effect on SHIB's price. Investors can closely monitor the SHIB on-chain data and technical analysis to stay updated on the market scenario.
After a period of unimpressive market activity, Shiba Inu might be ready to shine once Bitcoin finds stability and altcoins recover. This is according to a recent analysis by Santiment. The 30-day average returns for Shiba Inu in trading are down 1.1%, but the long-term returns are down an astounding -31.7%.
SHIB Wallets Shrink, FUD Still a Key Factor
Fewer than one billion SHIB wallets now own a fraction of the supply that hasn't been seen since November 2022. This points to a great deal of fear, uncertainty, and doubt (FUD) on the network, as the bulk of units are owned by just one billion wallets. One positive aspect is that FUD (which stands for fear, uncertainty, and doubt) can often serve as a powerful motivator for price hikes.
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