On-chain data shows a clear change in investor behavior, which has put considerable pressure on Shiba Inu in the near term. As can be seen from the provided chart, the price has had difficulty maintaining its upward momentum and is currently trading at around $0.00002413. However, the behavior of large SHIB holders is the real story.
Based on on-chain metrics, addresses holding between 10 million and 100 million SHIB tokens have decreased significantly, falling 20% during the study period. Similarly, wallets holding between $10,000 and $1 million in SHIB have also decreased by 16% to 22%. This pattern highlights clear selling by high-value holders, which could indicate waning trust in the asset or profit-taking at current prices.
SHIB/USDT K-line chart (provided by TradingView)
In contrast, the number of addresses holding $1-1,000 SHIB has increased by 7-25%, indicating that smaller retail investors are stepping in. The discrepancy between whale exits and retail accumulation raises concerns about market stability, although it suggests sustained interest from retail investors.
Trading volume remains low, exacerbating bearish signals and indicating a lack of enthusiasm in the overall market. As the RSI (Relative Strength Index) hovers near the neutral level of 50, traders are hesitant. This makes it more difficult for SHIB to break above the current range with low trading volume. The key resistance in the future is at $0.00002555, which is the area where past whale activity has been centralized.
If SHIB fails to recover this level, the price may turn towards the important support level of $0.00002200. A sustained recovery may require a significant increase in trading activity and a rekindling of interest from institutions and large investors. Currently, whale sell-offs warn Dogecoin to proceed with caution.
Despite ongoing retail interest, SHIB's performance in the coming weeks will depend on whether the larger market can withstand these sell-offs. To clarify further, investors should closely monitor trading volume levels and significant price thresholds.
