Shiba Inu (SHIB) on Verge of Exiting Trillionaires Club
2024-10-06

Shiba Inu is gradually losing its place in the group of trillionaires. According to on-chain data, whale transactions and trading activity have significantly decreased in recent weeks, indicating a change in the momentum of this well-known meme coin.
Large SHIB transactions — usually executed by institutional players or cryptocurrency whales — have drastically decreased in number. SHIB only recorded 88 large transactions in the last 24 hours with a seven-day high of 383 transactions recorded Oct. 1.SHIBUSDT Chart by TradingView
The declining whale activity trend, however, points to a diminished desire for SHIB, particularly among larger holders. Comparably, the high transaction volume fell from a seven-day high of 8.27 trillion SHIB on Oct. 1 to 1.6 trillion SHIB on the last day. This substantial decrease shows that whales are stepping back, possibly awaiting clearer signals or a potential bottom for reentry.
SHIB's price is currently trading at about $0.00001744, according to the daily chart. The Relative Strength Index sits around 63, signaling that SHIB still has some bullish momentum but may be nearing overbought levels. If whale interest does not pick up soon, SHIB may struggle to maintain its current price range, potentially retesting lower support levels around $0.000016.
SHIB's trajectory depends on several factors, including whether large players return to the market. If whale transactions continue to slow, SHIB might face increased selling pressure and could dip below its current support levels. However, a resurgence in whale interest could spark a rally, but that may require a broader market recovery or significant updates to the SHIB ecosystem.
Over the past few months, the coin has struggled to break above critical resistance levels such as the 100-day EMA and 200-day EMA. These levels have become strong barriers to further upward movement, and the recent price action reflects more subdued market sentiment.