Shiba Inu (SHIB) is at a critical juncture as large holders are leaving due to an impending price correction.
In the crypto world, Shiba Inu (SHIB) has been making headlines, and it’s not hard to understand why. Just last week, the token experienced an impressive 12.5% increase, pushing its price from a 7 to an 8.
But the big question is whether this upward momentum can persist, or if Shiba Inu will face challenges when it encounters a strong resistance zone.
SHIB to USD by CoinMarketCap
Major Shiba Inu Token Holders Concerned as Large Investors Flee Amid Warning Signs
The current status of the Shiba Inu token’s price chart has set off alarm bells, and significant holders and investors are paying attention to the signals.
According to data from IntoTheBlack, a prominent on-chain analytics platform, there has been a notable 44% increase in the outflow of Shiba Inu tokens from the wallets of large investors over the past 24 hours, totaling a significant 254.75 billion SHIB.
Conversely, the flow of SHIB into the wallets of significant holders has plummeted to 360.8 billion, marking a substantial 74.2% decline compared to the previous day.
Source: IntoTheBlock
These significant shifts in holdings could be seen as a large-scale departure of Shiba Inu whales, with two likely motivations driving their decisions: preparing for a potential price correction or seizing the opportunity to capitalize on their gains.
Prominent cryptocurrency analyst Ali Martinez has echoed these apprehensions.
Over the past week L1s have started to see a shift in sentiment.$SOL activity for the month has translated to sharp increased in DEX volume activity as TVL and users have seen an uptick.
Is this the start of a new trend? pic.twitter.com/wfFyYlvBVS
— Artemis (@artemis__xyz) October 26, 2023
He highlighted that the TD Sequential indicator is indicating a sell signal on Shiba Inu (SHIB) and other cryptocurrencies, including Dogecoin (DOGE), Cardano (ADA), and Injective (INJ).
This signal implies the likelihood of a forthcoming correction before any potential uptrend continuation.
In the highly unpredictable crypto market, Shiba Inu’s future is uncertain. With major holders departing, the focus is now on how SHIB will react to this possible correction and whether it can maintain its momentum toward achieving new local highs.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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