Shiba Inu (SHIB) stands at a critical juncture, with on-chain activity reshaping its market landscape. Investor behavior, particularly among major holders, is influencing SHIB’s price dynamics. A deeper analysis reveals significant shifts in wallet distributions.
Large Wallets Reduce Holdings
Data indicates that large wallets holding over 77 trillion SHIB are redistributing their tokens. These major players seem to be consolidating or transferring funds to smaller addresses. Notably, wallets with 1 trillion to 10 trillion SHIB holdings have decreased by 20%. Meanwhile, smaller wallets containing 1 billion to 10 billion SHIB have risen by about 9%.
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As whales reduce their exposure, retail investors appear to be increasing their stakes. Profitability metrics show only 17.61% of active addresses are profitable, while 75.17% remain unprofitable. This imbalance suggests potential selling pressure, especially if prices dip further. Many investors may sell to minimize losses.
SHIB Faces Resistance at Key Price Levels
SHIB currently trades at $0.00002413, struggling to surpass the $0.00002550 resistance. The 50-day EMA aligns with this level, making it a critical barrier. If SHIB breaks through, it could target $0.00002800. However, low trading volume indicates weak buying momentum. The RSI, hovering near 51, reflects a neutral market.
Source: CoinMarketCap
On the downside, SHIB’s next support lies at $0.00002080. If this fails, the $0.00002250 level offers interim support. The market shows a shift, with smaller investors replacing whales, but insufficient volume prevents a significant rally.
Related article: Shiba Inu Sees Massive Whale Activity Amid Price Slump
Breaking the $0.00002550 resistance is crucial for SHIB to regain upward momentum. Until then, caution remains essential.
While smaller investors bring renewed interest, the lack of buying pressure keeps SHIB’s trajectory uncertain. Traders should stay vigilant in navigating this volatile market.
