- Large transaction volumes have soared by 2004% in the past 24 hours.
- Currently, 67.16% of top traders hold long positions, while 32.84% hold short positions.
Despite a notable price decline in the past 24 hours, Shiba Inu [SHIB] remained optimistic and appears poised for an upside rally.
Currently, the market is facing significant selling pressure due to yesterday’s crash, during which Bitcoin [BTC], Ethereum [ETH], and other assets experienced substantial price declines.
Whale moves 8.18 trillion SHIB
On the 3rd of January 2024, SHIB broke out of a bullish double-bottom price action pattern and subsequently entered a consolidation phase.
The consolidation lasted nearly three days, during which a potential 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 remained stable.
Source: X
Later, following the opening bell of the U.S. market, the Institute for Supply Management (ISM) released a report that caused the overall market to turn bearish.
Amid this crash, SHIB broke down from the three-day consolidation phase and experienced a price decline of over 14.5%.
Whales’ recent activity
In this price crash, retailers appear to be dumping their holdings, while long-term holders seem to be accumulating.
Data from the on-chain analytics firm IntoTheBlock revealed that large transaction volumes have soared 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 exchanges witnessed an outflow of $7.04 million worth of SHIB coins.
This data suggests the potential accumulation of the memecoin as its price dropped 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 appear more optimistic about the memecoin. Coinglass’s SHIB Long/Short Ratio is at 2.04, the highest since the beginning of 2025, indicating strong bullish sentiment among traders.
Currently, 67.16% of top traders hold long positions, while 32.84% hold 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 drive a rebound in SHIB’s price.
Shiba Inu’s technical analysis and key levels
According to AMBCrypto’s technical analysis, the recent price decline has brought SHIB to a crucial horizontal support level and the 200 Exponential Moving Average (EMA) on a daily timeframe.
This positioning makes SHIB optimistic for potential upside momentum.
Source: TradingView
Based on recent price action, if SHIB maintains its position above the 200 EMA, there is a strong possibility it could soar by 80% to reach the $0.00003939 mark in the future. This move will require time and patience.
Is your portfolio green? Check out the SHIB Profit Calculator
At the time of writing, SHIB was trading near $0.0000217, having experienced a price decline of over 10% in the past 24 hours.
However, during the same period, its trading volume surged by 80%, indicating heightened participation from traders and investors compared to the previous day.
