Amid the ongoing bearish market sentiment, Shiba Inu (SHIB), the popular and world's second-largest meme coin, is gaining immense attention from whales and long-term holders.
Shiba Inu (SHIB), the second-largest meme coin, has been catching the attention of whales and long-term holders amid the ongoing bearish market sentiment.
On-chain analytics firm IntoTheBlock's data revealed a 2,025% increase in large holder inflows for SHIB. This signals a potential bottom for SHIB, as whales tend to buy in larger quantities during significant market corrections.
Further suggesting buying opportunities, exchange balances have seen a 64% decrease and balances on DeFi protocols went down by 108% in the past 24 hours, indicating that assets are moving from exchanges to cold wallets.
This huge participation has pushed SHIB to register a 2.50% gain and is currently trading at $0.0110. However, during the same period, its trading volume dropped by 22%, indicating lower participation from traders and retail investors compared to the previous day.
This drop in trading volume can be attributed to the high volatility, which seems to be causing confusion among traders and investors.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
According to expert technical analysis, SHIB's recent price surge suggests a breakout from a descending trendline that has acted as strong resistance since mid-January 2025. Additionally, the meme coin is currently near a crucial support level of $0.011. With this recent breakout, the overall sentiment for SHIB appears to be shifting from broader bearishness to bullishness.
If SHIB surges and closes a daily or four-hour candle above the $0.0122 level, there is a strong possibility it could rise by 50% to reach $0.0183 in the coming days.
As of now, the meme coin is trading below the 200 Exponential Moving Average (EMA) on both the daily and four-hour time frames, indicating that SHIB is in a downtrend on both longer and shorter time frames.
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