Shiba Inu Faces Significant Selling Pressure as Whales Offload 359 Billion Tokens Amid Market Uncertainty

Netflows confirm sustained bearish pressure

This bearish trend is further confirmed by the positive Exchange Netflow that has persisted over the past two days. On May 2nd, Shiba Inu (SHIB) recorded a positive Netflow of 231 billion; it has since decreased to 21 billion SHIB tokens. This indicates a net flow of 252 billion tokens over two days, pointing to significant exchange inflow.

Historically, trends of rising exchange inflow coupled with outsized selling pressure have preceded sharp declines in price. This indicates that the supply of tokens is currently outweighing demand, setting up potential inflationary effects on the price. If this selling continues, SHIB may experience further corrections in the near term.

Any impact on Shiba Inu？

The elevated selling activity has adversely affected Shiba Inus price trajectory. Currently, SHIB is trading at $0.00001324, reflecting an 8.4% decline over the past week and a 1.84% drop in the last 24 hours. This ongoing decline underscores strong bearish sentiment in the market, positioning the memecoin at a critical juncture. Should selling pressures persist, SHIB could potentially dip to $0.00001274. Conversely, if buyers enter the market and challenge selling trends, it might reclaim $0.00001397, with the critical level for a bullish outlook being a daily close above $0.00001376.

Conclusion

The recent surge in selling pressure among Shiba Inu holders—both whales and retail investors—highlights a key bearish sentiment in the market. The combination of significant outflows, a negative order imbalance, and increased exchange deposits raises concerns over the potential for deeper price corrections without a counterbalancing buyer response. As the market evolves, investors should closely monitor these indicators to gauge future movements.