Shiba Inu (SHIB) is experiencing significant market activity as large holders, or "whales," appear to be reducing their exposure. On-chain data reveals a 20% drop in wallets holding between 1 trillion and 10 trillion SHIB, while smaller addresses with 1 billion to 10 billion SHIB have increased by about 9%. This shift suggests a growing interest from retail investors, but it also indicates potential selling pressure as many investors remain in the red. With only 17.61% of active addresses currently profitable, the market is at a critical juncture.
The price of SHIB is struggling to break past the $0.00002550 resistance level, with the 50 EMA aligning with this barrier. A breakout above this level could see SHIB testing higher levels around $0.00002800. However, low trading volume suggests a lack of buying pressure, and the RSI indicates a neutral market position. The next support level is at $0.00002080, and failure to maintain this could lead to further declines. The redistribution of holdings points to a change in sentiment, but without sufficient volume, a significant price rally remains unlikely.
Shiba Inu's price has dropped by 8.12% today, currently trading at $0.000022. The price reached a high of $0.000024 earlier in the day but has since declined to its current level.