Ridiculous 352% Shiba Inu (SHIB) Drop: How Is It Possible?
The post Ridiculous 352% Shiba Inu (SHIB) Drop: How Is It Possible? appeared on BitcoinEthereumNews.com. Shiba Inu has made headlines due to a massive 352% decline in netflow from large holders. A negative percentage that extreme might appear to be mathematically impossible at first glance. However, if you look more closely at on-chain dynamics, you’ll see how volatile whale behavior can skew metrics. It is clear from the given chart that there has been a massive net outflow of SHIB from large holders or whales that control a sizable portion of the supply. What makes it possible? Over the course of the seven-day period, SHIB experienced a dramatic shift from positive inflows, which indicate accumulation, to a sharp outflow phase, which resulted in a net change of -352%. To put it in perspective, if 200 trillion tokens were flowing into SHIB in one week and the same amount moved out the following week, the delta would be -200 trillion, indicating a drop of more than 100%. SHIB/USDT Chart by TradingView That’s exactly what’s going on right now. The sentiment has drastically changed, according to on-chain data. Large wallets began to rapidly deplete on July 24-26 following a period of notable accumulation around July 21-23. With only a slight decline from its most recent peak at $0.00001550, SHIB’s price held up fairly well, circling around $0.0001400 despite the volatility in whale positions. You Might Also Like This implies that some of the supply may be absorbed by smaller and retail traders, which is an indication of the market becoming more mature. SHIB is still technically in a fairly sound uptrend. The price remains above its three primary exponential moving averages (20, 50 and 100 days), and the 100 EMA provided support for the most recent decline. The RSI is currently just above 54 — a neutral value that allows for additional upside after cooling off from…
The post Ridiculous 352% Shiba Inu (SHIB) Drop: How Is It Possible? appeared on BitcoinEthereumNews.com.
Shiba Inu has made headlines due to a massive 352% decline in netflow from large holders. A negative percentage that extreme might appear to be mathematically impossible at first glance. However, if you look more closely at on-chain dynamics, you’ll see how volatile whale behavior can skew metrics. It is clear from the given chart that there has been a massive net outflow of SHIB from large holders or whales that control a sizable portion of the supply. What makes it possible? Over the course of the seven-day period, SHIB experienced a dramatic shift from positive inflows, which indicate accumulation, to a sharp outflow phase, which resulted in a net change of -352%. To put it in perspective, if 200 trillion tokens were flowing into SHIB in one week and the same amount moved out the following week, the delta would be -200 trillion, indicating a drop of more than 100%. SHIB/USDT Chart by TradingView That’s exactly what’s going on right now. The sentiment has drastically changed, according to on-chain data. Large wallets began to rapidly deplete on July 24-26 following a period of notable accumulation around July 21-23. With only a slight decline from its most recent peak at $0.00001550, SHIB’s price held up fairly well, circling around $0.0001400 despite the volatility in whale positions. You Might Also Like This implies that some of the supply may be absorbed by smaller and retail traders, which is an indication of the market becoming more mature. SHIB is still technically in a fairly sound uptrend. The price remains above its three primary exponential moving averages (20, 50 and 100 days), and the 100 EMA provided support for the most recent decline. The RSI is currently just above 54 — a neutral value that allows for additional upside after cooling off from…
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