- Whale Alert reports $65.7M in SHIB moved from BTCTurk, showing active market participation despite bearish pressures.
- SHIB’s outflows peaked at $60M in late November, driving price declines; RSI at 46.63 indicates neutral to bearish sentiment.
- Persistent outflows and low trading volumes suggest bearish momentum; key support at $0.00002130 may dictate future price trends.
On December 25, Whale Alert reported a movement of Shiba Inu tokens, with 2,884,590,622,344 SHIB, worth $65.7 million, transferred from BTCTurk to an unknown wallet.
This transfer shows the ongoing activity in the SHIB market despite broader crypto market pressures. Data from Coinglass shows shifting inflow and outflow patterns for SHIB, showing investor resilience despite sideways market movements.
Key Inflows and Outflows
Further, the data highlighted SHIB’s inflow and outflow activity, which displayed distinct trends in 2024. High inflows were seen in March and July, with early March seeing over $40 million in net inflows.
In July, inflows around $10 million indicated a renewed but moderate buying activity. Outflows dominated during mid-June, late September, and from November to December.
Late November had outflows peaking at $60 million, indicating intense selling activity. Persistent outflows throughout December pressured SHIB’s price downward, aligning with bearish sentiment.
Volatile Market Conditions
SHIB’s price performance reveals correlations with trading activity. In early 2024, increased inflows in March coincided with an upward price trend, showing optimism among investors. However, by May, selling activity led to a gradual decline.
During mid 2024, SHIB’s price entered a consolidation phase, with stable levels seen despite lower trading volumes. Late 2024 has seen increased volatility as outflows have increased sharply in November and December.
SHIB’s price declined accordingly, with minor recoveries unable to lead to rallies. At press time, SHIB was trading at $0.00002173, down by 2.55% in 24 hours. The market cap also decreased by 2.42%.
Technical Indicators
On a 4-hour timeframe, SHIB’s price shows a clear downtrend from earlier peaks near $0.00003000. Despite entering a consolidation phase around $0.00002134, resistance near $0.00002200 limits upward movement.
The RSI level of 46.63 suggests neutral sentiment, leaning bearish, while the MACD shows weak downward momentum. Trading volume remains dipped, showcasing low market participation.
Key support is at $0.00002130, with resistance around $0.00002200. A breach of these levels could fuel the next price move. Additionally, Shibburn data shows a 24-hour token burn of 28.3 million SHIB, with a weekly burn rate of 66.3 million tokens, down 48.35%.
