For nearly two weeks, memecoins and the broader crypto markets have seen a sustained uptrend. However, the past 24 hours saw a drastic shift in this trend, with most crypto declining on daily charts.have experienced a sharp decline. In fact, at the time of writing, SHIB was trading at $0.0000237. This marked a 7.77% decline on daily charts.
The decline, although not an isolated case, raised questions about the potential factors pushing prices down. One of the factors that arises is a massive transfer by a whale.Usually, when large holders make transfers it creates market anxiety, especially among retail traders fearing mass sell-off. This is because such transfers can result in market volatility.As expected, the memecoin declined over the past day.
Therefore, the reduced address activity reflected a shift in market sentiment with fewer participants involved, and it’s an early warning of a potential further decline.Finally, Shiba Inu’s supply on exchanges was continually rising and settled at 146.08 trillion tokens. This further showed that investors were keeping their assets in exchanges where they could sell easily.