Shiba Inu (SHIB) price has increased by 59.71% in the last 30 days, despite its market cap falling from the $18 billion mark. Despite this decline, SHIB remains the second-largest meme coin on the market, only behind Dogecoin.
Currently, SHIB’s 7-day MVRV is at -3.79%, indicating that holders have suffered an average loss of around 4% over the past week. This suggests that the asset may be undervalued or oversold, with short-term corrections possible before any price recovery.
SHIB's 7-Day MVRV Shows More Corrections Could Happen Soon
Shiba Inu 7-day MVRV is currently at -3.79%, down from 5% a day ago.
This indicates that SHIB holders have, on average, suffered a loss of around 4% over the past week, suggesting that the asset may be undervalued or oversold.
MVRV (Market Value to Realized Value) measures the difference between an asset’s market value and its realized value. A negative MVRV indicates that the asset may be oversold. While SHIB’s 7-day MVRV is negative, historical data shows that it has often rebounded after reaching similar levels.
However, it also continued to fall to -4% or even -9% before price spikes. This means that Shiba Inu price may face further short-term declines before a possible price recovery.
Whales in Shiba Inu do not aggregate.
The number of addresses holding at least 1 billion SHIB has recently decreased, from 10,860 on December 5 to 10,845 now.
This decline follows a pattern seen over the past month, as the number of such addresses has been steadily decreasing since November 8, when it was at 11,013.
Keeping track of these big headlines is important as they can have a significant impact on the price of SHIP. Decreased whale activity could indicate a reduction in buying pressure or a potential distribution of holdings, which could put downward pressure on the price.
Given the recent decline in large SHIP holders, this could indicate that selling pressure is increasing, which could lead to further price declines if these whales continue to reduce their positions.
SHIB Price Prediction: Will SHIB Bounce Back Soon?
The EMA lines for Shipp price are showing an upward trend, with the short-term lines above the long-term lines.
However, the price is currently below the short-term lines, indicating a potential trend reversal.
If the downtrend gains momentum, the price of Shipp could test its first support levels at $0.000028 and $0.000026. If these levels fail to hold, the price could drop further to $0.000023.
On the other hand, if whale activity increases and MVRV triggers a bounce, SHIP price could rise and test the resistance at $0.000033, and possibly rise to $0.000035 and $0.000040 if the resistance is broken.