SHIB price drops 20% in seven days: A market peak signal?

• SHIB fell by 20% or more in the past week.
• Over the past week, wallets that contain more than 10,000,000 coins have seen a dramatic drop.

Is the memecoin craze at its height? Looks like it at least. Shiba Inu [SHIB].

Dog-themed tokens have fallen by 20% or more over the past week. They are now out of the Top 10 Cryptos by Market Value. CoinMarketCap.

The movement of SHIB tokens in large quantities to central exchanges heightened the fear of the SHIB Army.

Data tracker on the chain Spot on ChainA smart whale sent 1.24 trillion SHIBs. Binance Gate.io was launched on March 15th. At the time this article was written, the deposited amount was $36,000,000.

This amount could fetch an investor more than $23.5 million. The track record indicated that this was a more probable outcome.

Whales have been accumulating profits recently. They’ve made more than $44 million by selling their whales. Floki [FLOKI] You can also find out more about the following: Big Time [BIGTIME] holdings.

At least three whales were spotted by Spot on Chain, including MakerDAO [MKR] Rune C. Christensen sold SHIBs at a profit this week.

AMBCrypto’s analysis of Santiment’s data confirms that SHIB-wallets holding over 10 million coins have seen a substantial drop during the last week.

Santiment

The SHIB exchange supply rose in tandem with the recent price drops. It gave further credibility to the narrative of profit-taking and bull market peak.

The whale investor is known for being more knowledgeable about the market and will distribute coins if they believe that it has reached its peak.

Santiment

Click Here to Read SHIB’s Price Prediction 2024-25

Shiba Inu’s bearish position was also evident on the derivatives market.

AMBCrypto analyzed the data of Hyblock Capital and found that whales held a smaller long-term exposure at time of publication than retailers, which indicates they were generally not optimistic regarding future price growth.

Source: Hyblock Capital