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Shiba Inu (SHIB) Selling Rises as Whales Step Back: Price Impact

2 mins
Updated by Ryan James
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In Brief

  • Shiba Inu’s price could find it difficult to escape the resistance at $0.00002835.
  • Realized profits have hit a three-month high, which shows that SHIB holders are selling.
  • Whales’ participation has gone down considerably, with transaction volume reaching $30 million.
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The Shiba Inu (SHIB) price has been struggling to note bullish cues for weeks, which could continue over the coming weeks.

This is because the little support SHIB noted from its investors is now disappearing.

Shiba Inu Investors Pull Back

Shiba Inu’s price is expected to note some drawdown or sideways action due to SHIB holders’ skepticism. Evidence of this is visible in the whales’ activity and retail investors’ actions. 

The former are the most important group of investors as their moves directly impact price. A positive move leads to a rise, a negative result in a decline, and at the moment, it seems the latter could be the outcome. 

The total volume of transactions worth more than $100,000, generally associated with whales, has taken a dive. At the moment, the daily transaction volume of whales has dipped to a low of $30 million.

Shiba Inu Whale Holding.
Shiba Inu Whale Holding. Source: IntoTheBlock

This decline in transaction volume is also met with high selling from SHIB holders, intensifying the bearishness.

The realized profits on the network have spiked massively, reaching a three-month high. Spikes in this metric emerge from investors selling their holdings. This selling is either the result of profit-taking or investors offsetting their losses.

In the case of SHIB, it is the latter since investors are moving their assets to secure whatever gains they have amassed.

Read More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

Shiba Inu Realized Profits.
Shiba Inu Realized Profits. Source: Santiment

This also indicates the surge in skepticism among SHIB holders.

SHIB Price Prediction: Consolidation Continues

Shiba Inu’s price is bound to move sideways since the investors are not explicitly bullish at the moment. SHIB could likely remain consolidated within $0.00002584 and $0.00002267. The larger range would keep the meme coin moving within $0.00002835 and $0.00002093.

The aforementioned cues also raise the chances of a decline, potentially sending SHIB to $0.00002267 or $0.00002093.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Shiba Inu Price Analysis.
Shiba Inu Price Analysis. Source: TradingView

If Shiba Inu’s price does manage to breach the resistance at $0.00002835, it could establish a two-month high. This is key in sending SHIB to $0.00003000 to invalidate the bearish thesis.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
As a Mass Media (Journalism) graduate, my journey into cryptocurrency journalism has evolved into a distinguished role as an On-Chain Analyst over the past two and a half years. Collaborating with industry-leading media companies like FXStreet, AMBCrypto, and FXEmpire, I’ve delved deeply into the intricate realms of Crypto and Blockchain, crafting over 2,500 meticulously curated SEO-focused articles. Driven by a commitment to excellence, I remain steadfast in delivering the highest caliber...
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