Shiba Inu Price Faces Downside Risks as Whales Reduce Exposure
Shiba Inu (SHIB) is facing potential downside risks despite its recent price rebound of nearly 4% earlier this week. The meme coin currently trades around $0.00000516 on Wednesday.
According to Santiment's Supply Distribution data, large-wallet holders, or whales, are reducing their exposure to SHIB after the price surge. Since August 22, top-tier whales and mid-sized whales have shed 40 billion tokens, while small whales have accumulated 990 million SHIB.
The derivatives and on-chain data for Shiba Inu also show weakening signs, with a bearish sentiment indicated by CoinGlass' long-to-short ratio of 0.93, which is below one. CryptoQuant's summary data shows heating market conditions in the spot and futures markets, while futures markets show large whale orders after the recent price surge.