The prices for $SHIB have been trading sideways in the past week with a 14.6% fall. In the middle of bearish sentiments, a whale has sold around 1 trillion Shiba Inu coins on Binance. The move has triggered a sense of panic among investors, raising questions about the coin's future trajectory.
$SHIB Whale Sells 1 Trillion Coins
June 24 saw one of the most peculiar days in the trading of Shiba Inu. A whale sold on Binance, the top cryptocurrency exchange in the world, an astounding 1 trillion SHIB during the token's price decline.
Bearish views have spread throughout the whole cryptocurrency market as a result of this transaction, with investors believing that SHIB's bull cycle may be coming to an end. These pessimistic views were reinforced in recent days by the noticeable decline that the meme coin holders experienced.
Shiba Inu Price Decline Post June 18
Shiba Inu's price decline has been rapid ever since the broader crypto market faced issues with a lack of bullish cues. On June 18, the price of Shiba Inu fell to a 3-month low of $0.000017. However, over the following 48 hours, the price rose 10%, regaining $0.000019 on June 20.
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The accompanying chart shows that the fall in Shiba Inu prices started in late May and then in June, the market fear was heightened by hawkish US macroeconomic indexes. SHIB price dropped 42.7% between May 29 and June 18, from $0.000029 on May 29 to a low of $0.000017, which hasn't been witnessed in more than a year.
At the press time, the coin is trading at $0.00001691, down 4.9% according to data by CoinMarketCap.
Will $SHIB Fall Further?
As of July 24, the price of Shiba Inu is expected to decrease by 5.16% to $0.00001604 based on the current price estimate. Other technical indicators indicate that the current mood is bearish, and the Fear & Greed Index is reading 51 (Neutral).
Over the previous 30 days, Shiba Inu had 12/30 (40%) green days and 12.94% price volatility. Data also indicates that there is a widespread bearish feeling for the price prognosis of Shiba Inu, with 10 technical analysis indicators indicating bullish signs and 23 indicating bearish signals.
