Recent on-chain data indicates a shift in investor tactics that has significantly impacted Shiba Inu’s market. As the graph demonstrates, the price movement has struggled to sustain its upward trend and is currently hovering around $0.00002413. However, it’s the actions of major Shiba Inu holders that merit closer scrutiny.
Over the recent study period, there has been a noticeable decrease of around 20% in addresses containing between 10 million and 100 million SHIB tokens, as per on-chain data. Similarly, wallets holding SHIB within the range of $10,000 to $1 million have reduced by 16% to 22%. This trend suggests a substantial sell-off among high-value holders, possibly signaling diminishing confidence in the asset or strategic selling at the current price level.
Contrarily, the number of wallets containing Shib between $1 to $1,000 has grown by 7-25%, implying that smaller individual investors are becoming more prominent. The difference in whale withdrawals and retail buying patterns raises concerns about market equilibrium, despite signaling sustained interest from retail investors.
The trading volume remains minimal, reinforcing bearish tendencies and suggesting a general lack of market excitement. Traders seem uncertain as the RSI hovers near the 50-neutral mark, making it challenging for SHIB to break free from its current price range when coupled with low activity. A key resistance level lies ahead at approximately $0.00002555, an area previously marked by whale activity.
As a researcher, I’m sharing an insight about the potential price movement of SHIB. If SHIB fails to rebound at the $0.00002200 level, it might trend towards this important support. A sustained recovery would likely require increased trading activity and renewed enthusiasm from institutional and large-scale investors. The ongoing whale selling activity serves as a warning for Shiba Inu holders to exercise caution.
As an analyst, I find myself closely watching Shiba Inu (SHIB) amidst ongoing retail interest. However, the direction SHIB might take in the coming weeks hinges significantly on how resilient the broader market is against these persistent sell-offs. To stay informed and make wise investment decisions, it’s crucial to monitor volume fluctuations and key price milestones closely.
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2025-01-06 18:32