Shiba Inu Price Plummets Following Whale Activity and Deleveraging

Market volatility has increased for Shiba Inu (SHIB) following a rapid decline in leveraged futures positions and significant whale activity. A major SHIB whale transferred nearly 400 billion tokens, worth around $1.95 million, through a BitGo smart contract after a ten-month period of inactivity.

According to data, over 488 billion SHIB tokens were withdrawn from exchanges within 24 hours, indicating substantial outflows and heightened volatility risks. The token's price has dropped by 7.72% in the last day and is currently trading below its key moving averages.

The technical environment for SHIB/USD remains bearish, with strong downside momentum indicated by the MACD. However, oscillator readings are more mixed, suggesting potential buyer pressure may be present on the intraday horizon.