Shiba Inu (SHIB) price dropped by more than 7.7% in the past 24 hours and a further decline could put the meme coin at the risk of a death cross.
A whale took the opportunity amid the recent market dip to acquire more Shiba Inu SHIB $0.000012 24h volatility: 0.7% Market cap: $7.23 B Vol. 24h: $124.28 M tokens, adding a humongous 257.5 billion SHIB tokens to its bag. The wallet spent a substantial $4.6 million on the transaction and now holds a total of 477.5 billion SHIB tokens, amounting to $8.57 million.
Blockchain analysis platform Lookonchain was the first to report the transaction in a post on social media platform X (formerly Twitter). Meanwhile, the data from CoinMarketCap shows that the price of the Shiba Inu token has crashed a massive 7.76% in the past 24 hours, and now the meme coin is trading at $0.00001833.
After the market dropped, this whale accumulated another 257.5B $SHIB($4.6M).
This whale currently holds 477.5B $SHIB($8.57M).https://t.co/k75VUmJZRh pic.twitter.com/xu5GYKZBcN
— Lookonchain (@lookonchain) January 27, 2025
The meme coin has a market cap of $10.8 billion and is ranked 17th on CoinMarketCap – a significant drop from last year, when the altcoin was about to break into the top 10. SHIB’s dominance took a huge blow after the debut of the TRUMP token, which currently has a market cap of $5.4 billion.
Shiba Inu Death Cross
It is important to note here that the trading volume of SHIB soared 260.65% in the past day. Considering the trend and the data provided by the Accumulation/Distribution indicator on the chart below, it is clear that Shiba Inu sellers dominate the market.
Source: TradingView
Meanwhile, as per the daily chart provided by TradingView below, the 50-day Moving Average is currently traversing above the 200-day Moving Average. However, the former is rapidly closing in on the position of the 200-day MA, which suggests that a death cross – a bearish event where a smaller MA drops below a larger MA – could be seen soon.
Source: TradingView
SHIB Price Analysis
The Shiba Inu price analysis on the daily chart below shows that the SHIB price action is currently retesting the lower end of the Bollinger Bands. If prices do not hold at current levels, a crash could be likely. As reported by Coinspeaker, $0.0000185 to $0.0000212 is a very crucial price zone for the meme coin, which needs to be reclaimed to confirm further price increases.
Source: TradingView
On the other hand, the On-Balance Volume (OBV) indicator has also begun its downtrend, coinciding with the current price action. The indicator measures the positive and negative flow of volume in a security over time, and at press time, OBV aligns with the price crash, suggesting continuation of this bearish trend.
next