Over the past 24 hours, memcoin Shiba Inu (SHIB) fell more than 3% to $0,00001275, down 28% from its May peak. Token is falling as demand for it weakens and large investors begin to sell off their assets.
Realized Network Profit/Loss Shiba Inu (NPL) has been negative for several months. NPL measures the average gain or loss of all coins that change addresses daily and is calculated as the difference between the value of the last move and the price of the new transaction. A negative value on the indicator indicates that coins are being sold at a loss, a clear sign of bearish sentiment.
This decline coincided with the fact that crypto whales continue to dump their holdings, with the major players’ share shrinking from 748 trillion SHIB in January to just over 718 trillion today. Meanwhile, the supply of the memecoin on exchanges has been steadily growing, indicating increasing selling pressure.
Spot market volume Shiba Inu also declined. Over the past 24 hours, SHIB’s daily trading volume was only $141,8 million, significantly lower than other meme coins. Thus, this figure Dogecoin amounted to $764 million, and Pepe — $1,08 billion.
On the daily chart Shiba Inu also dropped below the 50-day and 100-day exponential moving averages, adding to the bearish bias. The relative strength index remains above the oversold zone, suggesting further declines are possible.
