Shiba Inu, the popular meme coin, has seen a nearly 10% decrease in its value in the past week. Currently, SHIB is trading at $0.0000125.

This price drop corresponds with a notable decrease in whale holdings during the same timeframe, suggesting a faltering confidence among major investors amidst general market fragility.

The decline in SHIB's large holders' netflow by 123% in the previous week, as reported by IntoTheBlock, has coincided with an 8% decrease in the meme coin's price.

Large holders, or whale addresses holding more than 0.1% of an asset's circulating supply, with a negative netflow denotes a trend of offloading their holdings, leading to an increase in the coin's supply and consequent downward pressure on its price.

The reduced SHIB whale netflow might further erode confidence among retail traders, potentially leading to more selling in anticipation of continued losses, thereby expediting SHIB's price decline in the near term.

The falling Relative Strength Index on the daily chart reinforces this negative outlook, currently standing at 35.34, hinting at weakening buying pressure and a likelihood of further downside unless demand for the meme coin picks up.

Moreover, SHIB has been trading below a descending trend line since December 8, indicating a bearish trend with sustained selling pressure among market participants, potentially risking a drop to $0.0000107 if the current decline persists.

However, a resurgence in buying pressure could propel SHIB’s value to $0.0000166, offering a glimmer of hope for a potential upturn in the coin's fortunes.