Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest dog-themed tokens, had a pleasant moment in terms of price appreciation on Tuesday and Sunday, but the market has started to trend towards the south again after a massive selloff. And Santiment is holding a group of DOGE and SHIB investors culpable for the huge downtrend.
According to the market intelligence platform Santiment, the usual habit of taking profits by Dogecoin and Shiba Inu’s whales after upswings is responsible for the current unfavorable price trend.
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The firm showed that the major selloff recently recorded by the two digital assets is sending their prices back to the levels they were at the beginning of the month.
Santiment tweeted, “Dogecoin and Shiba Inu have both experienced major price corrections after their respective Tuesday and Sunday tops. As is often the case, the whales foreshadowed the ideal profit taking moments when their large transactions exploded on each network.”
On August 15th, TimesTabloid reported that Shiba Inu (SHIB) managed to break out of its dominant “cup and handle” pattern ($0.000016), which was seen as a positive signal for its price going forward. But the major selloff has interrupted the promising trend.
At the time of filing this report, Shiba Inu (SHIB) is trading at $0.00001224, with a relatively 14% price downtrend in the last 24 hours.
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About three days, two Veteran crypto investors, Peter Brandt and David Gokhshtein, also thought that SHIB has entered its bull cycle.
Brandt said the dog-themed asset has completed the inverted Head & Shoulder (H&S) pattern, which is a major signal for a trend reversal. While Gokhshtein stated that SHIB is likely gearing up for a bullish trend.
Now that the two digital assets, Dogecoin and Shiba Inu, have discontinued the positive trend, investors have to wait patiently for another bullish signal.
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HO CHI MINH, Vietnam, 17th November 2024, Chainwire