Large holders of Shiba Inu Coin (SHIB) are gradually exiting the asset, which may be a long-awaited positive sign for the market.
Typically, the withdrawal of large holders is seen as a sign of reduced market volatility. However, it is too early to panic now, and the main focus should be on illiquidity. However, there are some positive signs.
According to the latest data, 52% of SHIB holders are profitable at the current price, while 47% are not profitable. This balanced distribution shows that small investors are still confident despite the withdrawal of large holders.
However, large holders still control a considerable part of the supply, as shown by their 73% concentration.
Their reduced trading activity may reduce large-scale sell-offs. In the past seven days, the trading volume of more than $100,000 has remained considerable, and the trading volume in the past 24 hours has reached 2.4 trillion, indicating that there is still a lot of trading activity in the market even if large holders are inactive.
The concentration of on-chain signals increased by 0.04%, showing a slightly bullish trend, while other indicators remained neutral. Exchange signals reflected a bearish buy-sell volume imbalance of -15%, indicating possible selling pressure. On the other hand, IntoTheBlock's neutral smart price signal shows that the current price may be reasonable and stable.
On the technical charts, SHIB is trading near $0.00001716, below its 50-day exponential moving average (EMA) of $0.00002217 and significantly below the 200 and 100-day EMAs. The RSI of 33 shows that SHIB is close to the oversold region, which may attract more buyers looking for cheap entry opportunities.
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