Shiba Inu (SHIB) Wallet Growth Surges to 1.5M Amid Whale Selling, Technical Signals Mixed for Price Outlook
Shiba Inu (SHIB) is experiencing a pivotal period in its market evolution. While recent data from Santiment highlights that SHIB whale holdings have fallen to their lowest level in five months—wallets holding 100M–1B SHIB have trimmed holdings by 2.6% since March—investor interest remains strong, as the number of SHIB wallets has surpassed 1.5 million for the first time. Project marketing lead Lucie attributes this growth to an expanding global community. Despite robust adoption and record network activity on Shibarium, SHIB’s price has continued to show weakness, currently trading below all major moving averages and forming a bearish descending triangle pattern. Technical analysis presents a mixed outlook: selling pressure persists from whales, but indicators like the Simple Moving Average (SMA) and a rising Relative Strength Index (RSI) near 42.17 suggest the potential for a short-term bullish reversal. Key price levels to watch are support at $0.00001065 to $0.00001150 and resistance at $0.00001260, $0.00001340, and $0.00001975, with a possible upside target near February’s high of $0.00002250 if bullish momentum returns. Crypto traders should closely monitor these technical signals and wallet growth, as a resilient and growing community could enhance SHIB’s liquidity, integration with DeFi, and long-term value, even as short-term risks from whale selling persist.
Neutral
Shiba Inu’s recent data reveals a nuanced market outlook. The rapid growth in wallet numbers—exceeding 1.5 million—demonstrates strong community adoption and could enhance SHIB’s long-term value through increased liquidity and potential DeFi integration. However, the concurrent decline in whale holdings to a five-month low and persistent selling pressure are weighing on near-term price action, as evidenced by SHIB trading below major moving averages and forming a bearish pattern. Technical indicators show a possible bullish reversal, but unless SHIB breaks through key resistance levels and whale outflows subside, price action is likely to remain volatile. Overall, these mixed signals indicate a neutral outlook for SHIB: long-term prospects are positive due to growing community support, but short-term price movements are uncertain due to ongoing whale selling and technical resistance.