The mainstream meme coin Shiba Inu (SHIB) has missed out on most of this week’s U.S. Strategic Reserve news-infused gains, serving a slight bounce back rally for most altcoins. Meanwhile, Shiba Inu coin (SHIB) inked micro gains of 2.2% over the past 7 days, leaving holders concerned about their beloved memecoin’s upcoming price trajectory.
Slowing SHIB Burns Are Only Half Of The Story
With Shiba Inu (SHIB) burns remaining at an insignificant level, holders are relying on network activity and the resurgence of large holders, otherwise known as crypto whales, to acquire new SHIB positions. With Shiba Inu’s (SHIB) trading volume remaining stagnant at $269 million, this puts the Japanese hunting dog-embossed crypto fifth among meme coins in daily trade activity.
This combines with other three bearish signals for Shiba Inu coin’s price, leading to a consolidation below the crucial resistance level of $0.000014. Moreover, the SHIB price bubble between $0.000014 and $0.000019 holds a staggering 547.61T SHIB tokens between 152.85K addresses.
Whales To Save SHIB From Further Drawdown?
Notably, this gigantic SHIB resistance area holds an astounding 93.66% of all Shiba Inu coin’s circulation. With only 38% of SHIB custodians currently in profit, this resistance levels could impose a sell wall if SHIB fails to close the week above $0.000014, despite briefly reclaiming this area on March 3, 2025.
However, a double-digit eruption for Shiba Inu’s price didn’t happen, while crypto whales have been showing conflicting signs. In spite of the drop in large SHIB transactions and net network growth, the canine meme coin’s large holders topped up over 1 trillion of SHIB in 24 hours, according to IntoTheBlock’s netflow sheet.
Additionally, the Chaikin Money Flow (CMF) index was well above 0.10 on both one-day and 4-hour charts, solidifying the return of crypto whales. As of press time, Shiba Inu coin (SHIB) is switching hands at $0.00001352, bouncing back from the intra-day lows of $0.00001277, according to CoinGecko.
On The Flipside
- Shiba Inu’s relevancy struggles could see a breakthrough after tonight’s inaugural White House Crypto Summit with back-up from crypto’s big names.
- According to a leaked line-up of this event, Shiba Inu will be discussed at the White House during Robinhood CEO Vlad Tenev’s keynote speech.
Why This Matters
Shiba Inu crypto is outgrowing its blue-chip meme coin status with technical upgrades, such as Shibarium L2 or Play With SHIB video game series, potentially attracting long-term investors & expanding the community to new horizons.
Stay in the loop with DailyCoin’s top crypto news:
Trump’s Crypto Summit Kicks Off Amid Strategic Bitcoin Reserve Move
XRP Price Primed For $3? Active XRP Addresses Skyrocket 620%
