According to U.Today, Shiba Inu whales are reducing their activity with the asset, which could potentially be a positive sign. The decrease in whale activity is often seen as an indication of reduced volatility. However, it's too early to be alarmed, with the primary concern being a potential lack of liquidity.
Recent data shows that 52% of Shiba Inu (SHIB) holders are currently profitable, while 47% are not. This balanced distribution suggests that smaller investors are maintaining their confidence despite the whale movement. Large holders, however, still possess a significant portion of the supply, with a concentration of 73%. Their reduced activity could lead to fewer large-scale sell-offs.
Transactions exceeding $100,000 have maintained a respectable volume over the past week, with 2.4 trillion transacted in the last 24 hours. This suggests that despite the decreased activity of whales, there is still significant movement within the market.
On-chain signals show a 0.04% increase in concentration, indicating a slight bullish trend, while other indicators remain neutral. Exchange signals reflect a bearish bid-ask volume imbalance of -15%, suggesting potential selling pressure. However, the neutral smart price signal by IntoTheBlock suggests that the current price may be steady and reasonable.
Shiba Inu is currently trading near $0.00001716, below its 50 EMA at $0.00002217 and significantly below 200 and 100 EMAs. The RSI at 33 indicates that SHIB is nearing the oversold area, which could attract more buyers looking for a cheaper entry point.