Shiba Inu Price Dey Stable as Whale Activity Dey Dry
Shiba Inu price drop pass 3% on Sunday, e clear all the gains wey e get on Friday after Fed Chair Jerome Powell talk for Jackson Hole. Smart money and whale activity don slow down. Nansen data show say savvy investors dey hold 40.42 billion SHIB, e reduce from 48.6 billion last July, while whales dey control 45 billion SHIB, from 47.6 billion last month. This one come after the crash of 60% from November highs.
On-chain metrics for Shibarium, Shiba Inu layer-2 network, don also slack. Total value locked drop to $1.79 million with no stablecoin usage. Only 17 DeFi protocols still dey active, including WoofSwap and ChewySwap. Dem originally design am to boost Shiba Inu utility and burn tokens through BONE-to-SHIB fees, but lower activity don reduce the burns.
Technically, Shiba Inu price dey consolidate around the 50- and 100-day EMAs, with Average True Range dey decline. One symmetrical triangle pattern dey form. If e breakout above the triangle, e fit carry SHIB reach $0.00001600, but if e breakdown, e fit push am go $0.00001015. Traders go dey watch these levels for direction.
Neutral
Shiba Inu price dey consolidate as whale activity don reduce, e mean say market never sure wetin go happen next. For history, when volatility low and smart money no dey participate, e fit come before sharp rally or big fall. For example, before SHIB breakout for April 2024, whale no buy well, and market just dey sideways for two weeks. Another time like that one happen for June, e cause 15% drop. For short term, traders go dey watch if price break above triangle resistance for $0.00001600 or break down below support for $0.00001015 to get direction. For long term, if on-chain metrics remain weak, Shibarium fees dey go down, and token burn reduce, e fit make SHIB weak unless ecosystem start to perform again. So, immediate outlook na neutral as we dey wait clear technical decision, but underlying fundamentals dey show cautious bearish feeling.