Shiba Inu (SHIB) whales awaken: Selling pressure may come!

Increased activity in the memecoin market is reflected in Shiba Inu (SHIB) whale activity.

Shiba Inu (SHIB) experienced a decline with the increasing transfer transactions of whales. On October 7, 1.3 trillion SHIB was sent to centralized crypto exchanges. On October 6, 789 billion SHIB had been transferred. Not only whales, but also the increasing transfer transactions of individual investors have aroused curiosity.

Bearish signal on the table for Shiba Inu (SHIB)

On Monday, 943.89 billion SHIB were withdrawn from exchanges to external wallets. In contrast, a net inflow of 358 billion Shiba Inu was recorded. This development means that more tokens were deposited than withdrawn from exchanges, which increases selling pressure on Shiba Inu. As of today, Shiba Inu investors have sent 366.97 billion Shiba Inu to exchanges, which is less than the previous day.

Currently, Shiba Inu is trading at 0.00001755 dollars with a 3% decrease today, continuing its negative trend from last week. Shiba Inu faces the $0.00001800 resistance level. If the popular meme coin surpasses this level, it could potentially signal a larger market rally. Analysts see the $0.00002000 level as critical, and breaking through this level may increase expectations for a Shiba Inu rally.

The course of the memecoin market will be important during this process. If there is a decline in memecoins, selling pressure on Shiba Inu will increase. With the strengthening of the memecoin trend, it is highly likely that money will flow into tokens such as DOGE, PEPE, WIF, FLOKI, and SHIB.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.