Why Whales Push Shiba Inu Transactions To Record Highs, While Nearly 2M Hold SHIB

After a 10,000% profit over the past year, Shiba Inu (SHIB) trends to the downside with the rest of the crypto market. The meme coin had a surge driven by retail investors looking to ride the rally but has been unable to recover after a long period of persistent selling pressure. Related Reading | Can Shiba Inu Break Past The $1 Mark? Here’s How It Can At the time of writing, Shiba Inu (SHIB) trades at $0.000022 with a 6% and 30% loss in 24 hours. However, data provided by several monitors seems to suggest a change of dynamic in SHIB holders. Retail investors and speculators appear to be dumping their tokens, in favor of larger investors. Data from Material Indicators (MI), for lower timeframes, record retail investors have been selling into the recent relief price action. Although it has reverted into further losses, investors with bid orders from around $100 continue to dump their bags. As seen below, these investors have been massively selling funs in lower timeframes while investors with bid orders from around $1,000 to $10,000 buy. Total orders still trend into negative territory, but selling pressure seems to be absorbed by SHIB whales. However, while large investors in the green class, as the chart shows, continue to buy the downtrend, SHIB’s price should find support. Further data provided by MI indicates the cryptocurrency is sitting at support, but with close levels of resistance. This could explain why SHIB see...