77 Trillion Shiba Inu (SHIB) Level on Verge of Disappearing

Shiba Inu is at a pivotal point in its history as high market activity is changing the terrain of the well-known meme coin. A combination of investor dynamics that could shape SHIB's price trajectory in the days ahead are revealed by a closer examination of the on-chain data. A significant change among SHIB holders is shown by the data.

Larger wallets that contain more than 77 trillion SHIB tokens appear to be transferring or combining into smaller addresses. Major players may be lowering their exposure as evidenced by the 20% drop in wallets holding between 1 trillion and 10 trillion SHIB. The number of smaller addresses with 1 billion to 10 billion SHIB has grown by about 9% at the same time.

Even though whales seem to be backing off, this redistribution indicates that retail investors are becoming more interested. Only 17. 61% of active addresses are currently in the money, according to profitability metrics, while 75.17% are out of the money. This suggests that there may be selling pressure because many investors are still in the red and may try to sell if prices continue to decline. As it struggles to overcome the $0.00002550 resistance level, SHIB is trading at $0.00002413 on the daily price chart.

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An important trend indicator for traders, the 50 EMA is in line with this crucial barrier. SHIB might test higher levels around $0.00002800 if there is a clear breakout above this level. But volume is still low, indicating that there isn't much buying pressure. The RSI is indicating a neutral market position as it hovers close to 51.

The next support level is $0.00002080. If SHIB is unable to hold onto it, the current level of support close to it is $0.00002250. The market for SHIB is at a turning point as smaller investors replace whales who are cutting back on their holdings. Although the redistribution of holdings indicates a change in sentiment, there is not enough volume to support a meaningful price rally. Breaking the key resistance at $0.00002550 is essential for SHIB to regain momentum. Until then traders should exercise caution when handling this erratic asset.