Shiba Inu is experiencing a crucial moment in its history, as intense market activity is redefining the landscape for this popular meme coin. By scrutinizing the on-chain data, we can uncover trends among investors that may influence the direction of SHIB‘s price over the coming days. Notably, there are notable shifts among SHIB holders, according to the data.
As an analyst, I’ve noticed a significant trend: Large wallets, holding over 77 trillion SHIB tokens, seem to be either transferring their tokens to smaller addresses or consolidating them within existing ones. This could potentially indicate that major players are reducing their exposure, as suggested by the 20% decrease in wallets holding between 1 trillion and 10 trillion SHIB. Simultaneously, I’ve observed a 9% growth in the number of smaller addresses containing 1 billion to 10 billion SHIB.
Despite whales apparently reducing their activity, this shift suggests a growing curiosity among retail investors. Approximately 82.39% of active addresses are currently showing losses based on profitability measurements, while only 17.61% are making profits. This could imply that there might be selling pressure as many investors who are still in the red may decide to sell if prices drop further. At present, SHIB is trading at $0.00002413 on the daily price chart, trying to surpass the resistance level of $0.00002550.
A key signal for traders, the 50 Exponential Moving Average aligns with a significant resistance point. If SHIB experiences a clear break above this level at approximately $0.00002800, it could potentially climb higher. However, the volume remains relatively low, suggesting that buying pressure isn’t intense. The RSI suggests a balanced market situation as it lingers near 51, hinting at neither overbought nor oversold conditions.
The upcoming potential support point for SHIB is around $0.00002080. If SHIB fails to maintain this level, another possible support could be found near $0.00002250. The market for SHIB is at a critical juncture as smaller investors are stepping in while larger ones (whales) seem to be reducing their holdings. While the shift in ownership suggests a change in sentiment, the volume isn’t high enough yet to spark a significant price surge. For SHIB to regain its momentum, it needs to surpass the crucial resistance at $0.00002550. Until then, traders should approach this volatile asset with care.
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2025-01-07 13:48