Ali Martinez, a well-known crypto trader on X, has highlighted a worrying trend for Shiba Inu (SHIB), revealing a 79% drop in whale activity over the past three months.
This sharp decline suggests that market sentiment toward SHIB may have weakened, mirroring the broader downturn in meme coins during this period.
Whale activity often signals the movements of smart money, as it tracks transactions exceeding $1 million for a particular asset—in this case, Shiba Inu.
Shiba Inu Fails to Recover as Bybit Hacks Plunged Most Digital Assets
Shiba Inu (SHIB) is down 5.5% in the past 24 hours as most of the meme coin space has plummeted since Friday as the Bybit hack instilled fear in investors.
In the past 7 days, the second-largest meme coin has seen its market value retreat by 7.4% while its year-to-date losses currently stand at 30.1%.
Other large assets in this category like Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK) have experienced sharp 7-day drops of 12.4%, 9.6%, and 13.9% as well during this period respectively.
Meanwhile, the aggregated value of meme coins, as tracked by CoinMarketCap, is down by 40.5% in the past 30 days. As a result, the market cap of the entire category was cut in half since its November-December peak.
From a technical standpoint, news of the Bybit hack may have dealt a blow to SHIB’s ongoing recovery.
Before the recent downturn, SHIB was steadily climbing above $0.000016, with momentum indicators flashing a buy signal.
However, last week’s price action saw it break below this level again, and today’s sell-off—compounded by Friday’s Bybit-related weakness—is pushing SHIB to its lowest point in 18 days.
The outlook remains bearish, as SHIB has now dipped below its pre-election price, effectively erasing all gains from the Trump-linked rally that briefly sent it to its December high of $0.00003336.
Looking ahead, the next key support level is at $0.00001250, representing a potential 15.4% drop from current prices.
This meme coin downtrend highlights the importance of securing positions in high-potential crypto presales like MIND of Pepe ($MIND), which still offer significant upside for early investors.
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