of Shiba Inu price It crashed to $0.000007683 yesterday, sparking bearish sentiment towards the memecoin. The crash occurred on the back of a transfer of billions of SHIB tokens, raising concerns of a potential sale by the whales in question.
Why did the price of Shiba Inu plummet?
The price of the Shiba Inu has plummeted due to heavy selling pressure. SHIB whale Send billions of tokens to Robinhood and potentially offload these tokens. arkham data It shows that the whale (0x2d0…9f7bB) initially sent 210.365 billion SHIB tokens (valued at $1.63 million) to a cryptocurrency exchange. These tokens accounted for approximately 97% of Whale’s SHIB holdings.
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Further data from Arkham shows that the SHIB whale transferred another 1.52 billion tokens to Robinhood and 7 billion tokens to liquidity provider B2C2 Group, which could be an over-the-counter sale. Shiba Inu prices have fallen significantly by more than 7% over the last week, with yesterday’s recording the worst decline in this period. Whale migration. Whale currently holds only 5.86 billion SHIB (equivalent to $46,790).
Due to the decline in the broader virtual currency market, led by Bitcoin, the price of the Shiba Inu also plummeted. British Columbia fell to $87,000 yesterday amid concerns about trade tensions between the U.S. and Europe. Greenland-related Trump tariffs. However, as the market recovered towards the end, President Trump announces He said he had withdrawn the proposed tariffs because of the Greenland agreement reached with NATO.
Despite the recent collapse in Shiba Inu’s price, Memecoin is still up more than 15% year-to-date (year-to-date), ranking it as one of the best-performing cryptoassets this year. However, SHIb is still far from its current all-time high (ATH) of $0.00008845.
Exchange Netflow to SHIB remains mixed
SHIB exchange netflow remains mixed, indicating that there is no clear accumulation pattern for meme coins at this time. CryptoQuant data shows that today’s net flow is negative, totaling just over 7 billion Shiba Inu tokens, suggesting that more coins are flowing into exchanges than leaving.
however, Total exchange netflow Yesterday’s tokens were positive at 1.6 billion tokens, which is bullish for Shiba Inu price as it indicates more tokens are leaving the exchange, which suggests accumulation from whales. SHIB’s net flow on January 16 was also positive, reaching a total of approximately 115 billion tokens. However, the day’s positive net flows were overshadowed by the negative flows of SHIB 214 billion recorded on January 20th.
Related article: This is why the price of Shiba Inu has increased by more than 13%
Cryptocurrency traders remain bullish on Shiba Inu’s price. CoinGlass data Indicates that the long/short ratio is currently greater than 1. Derivative trading volume also surged more than 20%, and open interest increased by almost 3%.
As of this writing, the price of the Shiba Inu is trading at around $0.000007978, and has risen over the past 24 hours. data From CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
