Shiba Inu (SHIB) is going through a difficult process parallel to the overall fluctuations in the cryptocurrency market. The price has fallen below critical support levels, deepening the downward trend. This development indicates a noticeable weakening in investor sentiment. In particular, heavy selling by large investors (whales) is increasing the pressure on the market.
With SHIB dropping below the $0.0000129 level, the possibility of an upward recovery has decreased, and the market has moved towards lower levels. According to analysts, this technical breakdown weakens optimistic scenarios in the short term.
On-Chain Data Provides Mixed Signals
Despite the selling pressure from whales, on-chain data presents a more complex picture. Since January, the net position on exchanges has been negative, meaning SHIB tokens are being transferred from centralized exchanges to wallets. This situation indicates that investors who adhere to a long-term holding (HODL) strategy may be in an accumulation process.
On the other hand, fluctuations in funding rates indicate the fragility of investor sentiment. Especially the drop of rates below zero and the noticeable decrease in open positions starting from April 26 reveal that bullish expectations have weakened.
Short-Term Uncertainty, Medium-Term Monitoring Needed
The short-term increase in the number of active addresses observed in early May, although interpreted as a demand signal, indicates that the uncertainty in the market continues as this trend cannot be sustained. The mismatch between on-chain activity and market price reveals that investors are experiencing an indecisive period.
Under these conditions, it is critical for SHIB investors to closely monitor general market trends and on-chain dynamics rather than short-term price movements. If accumulation signals gain strength, the possibility of a recovery after the downtrend should not be overlooked.
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