Shiba

Shiba Inu

Trillion

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The last day saw a significant change in the on-chain dynamics for Shiba Inu, as seen by the drop in large transaction volumes from nine trillion SHIB to five trillion <a href="https://u.today/market-rule-number-1-about-uptober-pump-shared-by-shib-executive" rel="noopener noreferrer nofollow">SHIB</a>. As whale activity has historically driven some of the asset's biggest price swings, this decline points to a retreat in whale <a href="https://app.intotheblock.com/coin/SHIB/quick-view" rel="noopener noreferrer nofollow">activity</a>.&nbsp;
Despite the recent decline in whale activity, <a href="https://u.today/shiba-inu-shib-burn-rate-up-229-as-price-push-for-breakout" rel="noopener noreferrer nofollow">SHIB</a> continues to show resilience in terms of its on-chain performance. At 73%, the concentration of large holders is still high, suggesting that whales are still holding sizable portions of the supply. Furthermore, a mixed mood among investors is indicated by the fact that 46% of holders are currently out of the money, while 49% of holders are currently profitable at the current price.&nbsp; <img alt="SHIBUSDT" data-entity-type="file" data-entity-uuid="f091d9cb-f893-4c27-9c16-433d32de5cdf" src="https://u.today/sites/default/files/inline-images/image_1271.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">SHIB/USDT Chart by TradingView</a>
SHIB is currently trading near the $0.00001600 mark, according to a price chart analysis. Potential support is expected to form at the 50 EMA level, or around $0.00001578. If this level holds, SHIB could stabilize and possibly attempt a recovery. Nevertheless, additional downward pressure may result if this support level breaks.&nbsp;
The next significant support is situated at $0.00001452. Regarding resistance, <a href="https://u.today/shiba-inu-shib-burn-rate-up-229-as-price-push-for-breakout" rel="noopener noreferrer nofollow">SHIB</a> is currently encountering resistance in the vicinity of the $0.00001760 level. A break above this might allow for a retest of the $0.00001800 region, but SHIB might find it challenging to build the momentum required for a long-term breakout, given the present drop in large transaction volumes.
While Shiba Inu has seen a drop in whale activity, the asset remains relatively stable, with key support and resistance levels to watch. Investors should keep an eye on the $0.00001578 support and $0.00001760 resistance levels to gauge the next potential move.

From 9 Trillion SHIB to 5 Trillion SHIB: What's Happening With Shiba Inu?

U_Today

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