The Shiba Inu is gradually losing its place in the group of trillionaires. According to network data, whale transactions and trading activity have dropped significantly in recent weeks, indicating a change in momentum for this famous meme coin.
The number of large SHIB transactions, usually carried out by institutional players or cryptocurrency whales, has dropped sharply. SHIB recorded only 88 large transactions in the last 24 hours, with a seven-day high of 383 transactions recorded on October 1.
However, the downward trend in whale activity indicates a decrease in desire for SHIB, especially among large owners. In comparison, the high transaction volume fell from a seven-day high of SHIB 8.27 trillion on October 1 to SHIB 1.6 trillion on the last day. This significant decline indicates that the whales are retreating, perhaps waiting for clearer signals or a potential bottom to return.
According to the daily chart, SHIB price is currently trading at around $0.00001744. The Relative Strength Index is near 63, signaling that SHIB still has some bullish momentum but may be approaching overbought levels. If whale interest does not pick up soon, SHIB may struggle to maintain its current price range, potentially retesting lower support levels around $0.000016.
SHIB’s growth trajectory depends on several factors, including whether major players return to the market. If whale trading volumes continue to slow, SHIB could face increased selling pressure and fall below current support levels. However, renewed interest in whales could spark a rally, but this may require a broader market recovery or significant upgrades to the SHIB ecosystem.
Over the past few months, the coin has struggled to break through critical resistance levels such as the 100-day EMA and 200-day EMA. These levels have become strong barriers to further upward movement, with recent price action reflecting more subdued market sentiment.
