- High transaction volumes have increased by 2004% in the last 24 hours.
- Currently, 67.16% of top traders have long positions, while 32.84% have short positions.
Despite a notable price drop in the past 24 hours, Shiba Inu [SHIB] remained optimistic and appears poised for an upward rally.
Currently, the market is facing significant selling pressure following yesterday’s crash in which Bitcoin [BTC]Ethereum [ETH]and other assets saw significant price declines.
Whale moves 8.18 trillion SHIB
On January 3, 2024, SHIB broke out of a bullish double-bottom price action pattern and subsequently entered a consolidation phase.
The consolidation lasted almost three days, during which a would-be whale transferred a significant 8.18 trillion SHIB coins, worth $195.1 million, from CryptoCom exchanges to a wallet.
This transfer occurred while the overall market was experiencing upward momentum and remaining stable.
Source:
Later, after the opening bell of the US market, the Institute for Supply Management (ISM) released a report that caused the market as a whole to turn bearish.
In the midst of this crash, SHIB broke out of the three-day consolidation phase and experienced a price drop of over 14.5%.
Recent whale activity
In this price crash, retail traders appear to be dumping their holdings, while long-term holders appear to be accumulating.
Data from on-chain analytics firm IntoTheBlock revealed that large transaction volumes increased by 2004% in the past 24 hours, indicating strong participation from whales, investors and long-term holders.
Source: IntoTheBlock
During the same period, another analytics firm, Coinglass, revealed that the exchanges witnessed an outflow of $7.04 million worth of SHIB coins.
This data suggests the potential accumulation of the memecoin, as its price fell by more than 10%, attracting investors and long-term holders.
Traders’ strong bets on long
In addition to whales, investors and long-term holders, traders also seem more optimistic about the memecoin. Coinglass’ SHIB Long/Short Ratio stands at 2.04, the highest since early 2025, indicating strong bullish sentiment among traders.
Currently, 67.16% of top traders have long positions, while 32.84% have short positions, reflecting a particularly bullish outlook.
Source: Coinglass
Combining all these on-chain metrics, it appears that bulls are currently dominating the asset and could soon trigger a recovery in SHIB’s price.
Shiba Inu’s technical analysis and key levels
According to AMBCrypto’s technical analysis, the recent price decline has taken SHIB to a crucial horizontal support level and the 200 Exponential Moving Average (EMA) on a daily time frame.
This positioning makes SHIB optimistic about potential upside momentum.
Source: TradingView
Based on recent price action, if SHIB maintains its position above the 200 EMA, there is a high chance that it could rise by 80% to reach the $0.00003939 mark in the future. This step will take time and patience.
Is your portfolio green? View the SHIB Profit Calculator
At the time of writing, SHIB was trading around $0.0000217, having experienced a price drop of more than 10% in the past 24 hours.
However, during the same period, trading volume increased by 80%, indicating greater participation from traders and investors compared to the day before.