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Shiba Inu (SHIB) remains resilient despite a sharp decline in its price over the past 24 hours, dropping by over 10% amidst market-wide sell-offs. This decline, which saw Bitcoin (BTC), Ethereum (ETH), and other major assets face significant losses, has not deterred bullish sentiment around SHIB.
Whale Activity Signals Optimism
On January 3, 2024, SHIB broke out of a bullish double-bottom pattern before entering a three-day consolidation phase. During this period, a notable transaction occurred: a whale transferred 8.18 trillion SHIB, worth approximately $195.1 million, from CryptoCom to a private wallet. Such moves often signal long-term confidence in an asset.
While the U.S. market opened with bearish momentum following the Institute for Supply Management’s (ISM) report, leading to a market crash, SHIB’s price plunged by over 14.5%, breaking its consolidation phase. Despite this setback, on-chain data points to growing interest among large holders.
Whales and Traders Stay Bullish
According to IntoTheBlock, large SHIB transactions surged by a staggering 2004% within 24 hours, indicating heightened activity from whales and long-term investors. Additionally, Coinglass data shows an outflow of $7.04 million worth of SHIB from exchanges, suggesting accumulation by optimistic investors.
Traders also appear bullish. Coinglass reports a SHIB Long/Short Ratio of 2.04, the highest since early 2025. With 67.16% of traders holding long positions, market sentiment suggests a strong belief in SHIB’s potential rebound.
Technical Indicators Point to Recovery
SHIB is currently trading near $0.0000217, hovering around a key horizontal support level and its 200 Exponential Moving Average (EMA) on the daily chart. Analysts predict that maintaining this position could pave the way for an 80% rally, potentially reaching $0.00003939.
With trading volumes up 80% compared to the previous day, SHIB is attracting heightened interest. While patience will be required, the combination of technical strength, whale activity, and optimistic trader sentiment suggests that Shiba Inu may soon reverse its fortunes.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Dogecoin (DOGE) and Shiba Inu (SHIB) Struggle with Bearish Trends — Is It Time to Buy?
With a keen eye on the latest trends and developments in the crypto space, I’m dedicated to providing readers with unbiased and insightful coverage of the market. My goal is to help people understand the nuances of cryptocurrencies and make sound investment decisions. I believe that crypto has the potential to revolutionize the way we think about money and finance, and I’m excited to be a part of this unfolding story.
