From 9 Trillion SHIB to 5 Trillion SHIB: What’s Happening With Shiba Inu?

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As a seasoned analyst with years of experience navigating the cryptocurrency market, I find myself intrigued by the recent changes in Shiba Inu’s on-chain dynamics. The drop in large transaction volumes from nine trillion SHIB to five trillion SHIB signals a retreat in whale activity, a pattern that has historically driven significant price swings in this asset.

Yesterday, there was a notable shift in the transaction patterns on the blockchain for Shiba Inu. This is evident by the decrease in large transactions from approximately 9 trillion SHIB to 5 trillion SHIB. Given that whales have been instrumental in some of the asset’s most dramatic price fluctuations in the past, this reduction suggests a diminished level of whale activity.

In spite of a decrease in whale-related whale activity, SHIB demonstrates robustness in its on-chain performance. With an impressive 73% concentration of large holders, it’s evident that whales still control substantial amounts of the supply. Moreover, the sentiment among investors appears to be divided, as approximately half (46%) are currently experiencing losses, while nearly half (49%) are currently making profits given the current price level.

From 9 Trillion SHIB to 5 Trillion SHIB: What's Happening With Shiba Inu?

At present, Shiba Inu (SHIB) is close to the price point of approximately $0.00001600, as suggested by an analysis of the price chart. A potential support might establish itself at the 50 Exponential Moving Average (EMA) level, which translates to around $0.00001578. If this support level holds firm, SHIB may find some stability and potentially try to recover. However, a further decline could occur if the support level is breached by additional downward pressure.

The next strong support for SHIB is found at approximately 0.00001452. As for resistance, SHIB is currently facing resistance around the 0.00001760 level. If it manages to break through this point, there’s a possibility of retesting the 0.00001800 area, but maintaining the momentum needed for a prolonged breakout could be difficult due to the current decrease in large transaction volumes.

Although there’s been a decrease in significant investor involvement (whales) with Shiba Inu, the asset maintains a level of stability. Important floors and ceilings are worth observing for signs of the asset’s next direction. Be sure to monitor the $0.00001578 support and $0.00001760 resistance levels to make informed decisions about future price movements.

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2024-10-03 17:58