Throughout 2024, Shiba Inu (SHIB) token has seen its valuation decline, dropping by around 12% since the year’s start. Within the last month alone, the token experienced a notable decrease of 18.1%, with its recent trading value hovering around $0.0000123. Recent movements in the cryptocurrency market have highlighted the influence of substantial investors, colloquially known as whales, on SHIB’s pricing trajectory.
How Are Whale Transactions Affecting SHIB?
Prominent whale addresses, responsible for significant volumes of SHIB, have been observed trimming their holdings considerably. Data show that on July 21, these major holders possessed 17.72 trillion SHIB, but this total dipped to 17.63 trillion by the end of the month. This drop coincided with a price fall from $0.000014 to $0.000012, underscoring the whales’ significant impact.
What Does the Support and Resistance Heatmap Reveal?
According to Glassnode’s Cost Basis Distribution Heatmap, SHIB is seeing strong accumulation around a critical support level at $0.00001212, with a total of 19.99 trillion SHIB concentrated there. This zone has been pivotal in underpinning the token’s value during recent declines. Conversely, a resistance has formed near $0.00001269, with 11.83 billion SHIB clustering there, posing potential hurdles for upward movement.
The price dynamics identified in the heatmap are reinforced by the SHIB price chart, currently positioning the token at approximately $0.00001237. Should the $0.00001211 support be breached, significant sell-offs could follow, potentially driving the price to lower thresholds around $0.00001100 or $0.00001000.
Any potential upward momentum could manifest if SHIB surpasses $0.00001271. However, such progress hinges on whale participation, which seems dormant at present.
“The activity of large SHIB investors is a critical variable in navigating the currency’s pricing landscape,” experts note.
Concrete insights signal the following:
- There has been a reduction of 300 billion SHIB, valued at $3.7 million, due to continued whale selling.
- Approximately 19.99 trillion SHIB at the $0.00001212 support level signifies defensive buyer positions.
- Resistance at $0.00001269 is a barrier for potential price recovery.
- Erasing these barriers would require active whale market engagement.
Shiba Inu’s price activity is expected to oscillate within these pivotal support and resistance ranges in the near term. Observations of whale actions remain crucial as they are expected to dictate the coin’s directional shifts. This ongoing interaction between whales and SHIB’s valuation keeps market participants vigilant.
