More than eight hundred eighty billion SHIB tokens have changed hands in the past twenty-four hours, signaling a serious cash outflow from Shiba Inu. This massive exodus, mainly driven by whale activity, points to dwindling confidence in SHIB’s standing as a leading meme coin.

Recent on-chain data reveals a sharp drop in large transaction volume, suggesting whales – often market movers – are reducing their SHIB exposure. A seven-day high of forty-six transactions on August nine was followed by just thirty-nine large transactions the next day. This decline in transaction volume hints at major holders losing interest in SHIB.

The value of SHIB tokens involved in large transactions over the past twenty-four hours has plummeted from a seven-day high of one point five one trillion SHIB on August twelve to a total of eight hundred eighty-eight point zero three billion SHIB tokens. The corresponding USD value also experienced a sharp drop, falling from twenty-one point zero eight million dollars at its peak to eleven point seventy-nine million dollars in SHIB moved. This dramatic decrease in dollar and token volume foreshadows a troubling trend for SHIB’s future. Moreover, price action mirrors this weakening activity.

The fifty EMA crossing below the two hundred EMA – often called a death cross – is a bearish signal that may herald more downside for SHIB as it continues to trade below key moving averages. The absence of buying pressure and waning interest from major investors suggest a challenging period ahead for SHIB.

SHIB’s recent performance indicates it may struggle to maintain its position as the meme coin market grows more competitive. The ongoing token loss and reduced transaction volumes highlight growing doubts about SHIB’s future. If these trends persist, SHIB may face significant hurdles in regaining its previous momentum.