- Whales now control over 120 trillion Shiba Inu, sparking talk of a possible price move.
- Over 120 billion SHIB tokens were burned recently, reducing supply amid rising accumulation.
The price outlook of the leading memecoin Shiba Inu is back in focus. In the past week, large investors have picked up more tokens while over 120 billion SHIB have been burned. With the token stuck under a key resistance level, the market is now watching closely for what comes next.
Whales Accumulate as Shiba Inu Struggles to Break Key Level
Recent data shows that 46 wallets now hold over 120 trillion SHIB. It is worth noting that this is more than 12% of the token’s total supply. This kind of control from whales is not common without a reason. In the past, similar situations have led to sharp price changes, either up or down.
Shiba Inu has not managed to break out of its current price consolidation. The price was rejected at the 200-day moving average. This was around $0.000014 after a brief move above it last week. It quickly dropped back below $0.0000135. This pullback shows that many holders are still selling to take profit.
As of writing, SHIB price was changing hands for $0.00001377, up 4.08% in 24 hours.
For now, the price action remains limited. SHIB is stuck under pressure, and each attempt to rise faces a new selloff. Traders are looking for a clean break above the $0.0000145 line. Until that happens, movement will likely stay muted. If the price drops below $0.0000120, that could be a sign of deeper trouble ahead.
In addition, as highlighted in our previous news brief, crypto analyst Jonathan Carter mentioned that SHIB is now sitting on its midline support. This is a critical point that may indicate the token is building up strength for an upcoming rally.
Token Burns and Volatile Flow Point to Mixed Signals
Previously, we covered that the burn rate skyrocketed by 99,000%. Alongside the whale activity, over 120 billion SHIB have been burned. While this does not change the price overnight, it reduces the supply and can support a price breakout over time. It also reflects ongoing efforts from parts of the community to push SHIB forward.
In the past seven days, large wallet inflows jumped by 538%. This shows that big players are entering or increasing their positions. At the same time, outflows also rose sharply by more than 6,000%. However, this metric is still down 86% from last month. This confirms that whales are moving funds, not leaving.
It is essential to add that the price range between $0.0000120 and $0.0000123 has been acting as support. If SHIB holds this level, it could try again to climb. However, if it drops below, there is a risk of falling closer to $0.0000100. If bulls manage to push it past $0.0000145 and keep it there, then $0.0000200 may come into play, a level that often sparks strong interest from regular buyers.
Shiba Inu is clearly in a key spot. This is because, as highlighted in our previous article, Shiba Inu marketing lead Lucie commented on the resilience of the SHIB token after surviving one of its worst crashes. With whales active, tokens being burned, and volume shifting, the coming days could shape where things go next.
Credit: Source link
