Those who started rally also caused its end
As we covered in our recent crypto market reviews, the fading of the meme currency rally is most likely because the volume profile and behavior of large investors were indicating an upcoming reversal, and investors are the ones who started the rally. who ended it,
Shiba Inu is back at beginning
According to the daily chart of the assets, SHIB’s value has reversed back to the value we saw on Aug. 19, which means that the result of the most recent rally was nullified and the token’s price returned to the same level we have been seeing since the beginning of the month.
The main reason behind the reversal was an increase in profits from the whales who were at the foundation of this 25% rally from the start. A large number of large transactions on the Shiba Inu network foreshadowed massive profit taking which provided a lot of selling pressure and derailed short-term price gains.
Large transactions topping out at local high
As data provided by Santiment suggests, we saw an exact point where the local top was reached as both Dogecoin and Shiba Inu whales have been actively moving their funds toward exchanges, causing a massive spike in the number of transactions worth more than $100,000.
Dogecoin has also declined to the level we have been seeing for the past 60 days as the Mem coin entered a consolidation channel around $0.07 and has not been able to perform a break through.
Considering the lack of trading volume, another reversal and pump are unlikely to happen in upcoming days, especially without the support of whale investors on both assets.
