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More than 880 billion SHIB tokens have been moved in the last 24 hours, indicating that Shiba Inu is currently seeing a severe cash outflow. This flight out, which is mostly the result of whale activity, indicates waning trust that SHIB is a strong competitor in the meme coin space.
Recent on-chain data shows a sharp drop in the volume of large transactions, suggesting that whales, usually market movers, are lowering their exposure to SHIB. A seven-day high of 46 transactions on Aug. 9 was surpassed by just 39 large transactions over the course of the previous day.
This decline in transaction volume may indicate that major holders are becoming less interested in SHIB. The amount of SHIB tokens involved in large transactions in the last 24 hours has decreased from the seven-day high of 1.51 trillion SHIB on Aug. 12 to a total of 888.03 billion SHIB tokens.
The corresponding value in USD also experienced a sharp decrease, going from $21.08 million at the peak to $11.79 million in SHIB moved. This sharp decline in dollar and token volume portends a worrying trend for SHIB’s future. Additionally, the price action reflects the weakening activity.
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The 50 EMA crossing below the 200 EMA — often referred to as a death cross — is a bearish signal that may portend more downside for SHIB as it continues to trade below important moving averages. The absence of purchasing pressure and waning interest from major investors suggest that SHIB is in for a difficult time.
SHIB’s recent performance indicates that it might find it difficult to hold onto its position as the meme coin market gets more competitive. The ongoing loss of tokens and the reduction in transaction volumes highlight the mounting doubts about SHIB’s future. SHIB might encounter considerable obstacles in regaining its previous momentum if these trends do not shift.
