Shiba Inu has experienced a sharp price crash due to massive selling by whale holders. The Large Holder Netflow data shows a significant decrease in whale holdings, indicating heavy selling pressure.
Addresses holding SHIB tokens worth between $1 million and $10 million have seen their balance decline by 31.31% in the past 24 hours.
The market sentiment has turned bearish, with the Shiba Inu Fear & Greed Index dropping into "Fear" territory. Historically, the price tends to falter when whales sell off their holdings.
At the time of writing, Shiba Inu is trading around its lowest levels in over a year, and technical indicators suggest weakening momentum in the market.