With inflows up 1,109% and outflows up 822% over the last seven days, Shiba Inu, one of the most watched meme coins on the market, has seen an unprecedented spike in on-chain activity. These figures increase even more over the 30- and 90-day periods, showing an astounding +1,155% and +1,141% increase in inflows, respectively. At 1,582% and 815%, respectively, outflows are not far behind. All that surge in activity is raising numerous questions: who's behind it? Why is the price not moving, and what should the market expect?
These numbers point to a highly erratic on-chain environment with significant capital movement taking place on both ends. SHIB is still in the consolidation phase on the price chart, trading at about $0.000016, just below the 200 EMA resistance level. Although there have been rapid changes on the chain, price momentum has not yet materialized. This implies that internal repositioning, profit-taking or preemptive allocation may be more responsible for the large holder behavior than new retail demand or strong market conviction.
At the moment, the 200 EMA at $0.000016 serves as a definite resistance level, while the 100 EMA at $0.000014 is still a critical support level. Volume has stayed low in comparison to the early May surge, and the RSI is in neutral territory at about 60, suggesting that there is potential for either continuation or retracement. These factors support a more cautious near-term outlook. The increase in inflows and outflows is simultaneously a warning sign and a sign of good things to come.
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In light of changing macro and market conditions, it marks a time of significant redistribution, most likely planned by whales to modify their exposure to SHIB. Such activity usually comes before a directional move, but it is unclear if this will resolve bullishly or result in a local top without price and volume confirmation.
SHIB traders are currently advised to keep an eye on the price boundaries at $0.0000135 and $0.000016. The next big trend may be determined by a breakout above or below these. Without strong technical follow-through, this behavior might just remain noise, but in a larger context, it might resemble the meme-driven hype cycles from previous bull phases.
