From 9 Trillion SHIB to 5 Trillion SHIB: What's Happening With Shiba Inu?
2024-10-03

The last day saw a significant change in the on-chain dynamics for Shiba Inu, as seen by the drop in large transaction volumes from nine trillion SHIB to five trillion SHIB. As whale activity has historically driven some of the asset's biggest price swings, this decline points to a retreat in whale activity. 
Despite the recent decline in whale activity, SHIB continues to show resilience in terms of its on-chain performance. At 73%, the concentration of large holders is still high, suggesting that whales are still holding sizable portions of the supply. Furthermore, a mixed mood among investors is indicated by the fact that 46% of holders are currently out of the money, while 49% of holders are currently profitable at the current price. SHIBUSDT Chart by TradingView
SHIB is currently trading near the $0.00001600 mark, according to a price chart analysis. Potential support is expected to form at the 50 EMA level, or around $0.00001578. If this level holds, SHIB could stabilize and possibly attempt a recovery. Nevertheless, additional downward pressure may result if this support level breaks. 
The next significant support is situated at $0.00001452. Regarding resistance, SHIB is currently encountering resistance in the vicinity of the $0.00001760 level. A break above this might allow for a retest of the $0.00001800 region, but SHIB might find it challenging to build the momentum required for a long-term breakout, given the present drop in large transaction volumes.
While Shiba Inu has seen a drop in whale activity, the asset remains relatively stable, with key support and resistance levels to watch. Investors should keep an eye on the $0.00001578 support and $0.00001760 resistance levels to gauge the next potential move.