SHIB whale refuses trade

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Shiba Inu (SHIB) price momentum waned this week after bulls failed to break through the $0.000009 resistance level. On-chain analysis reveals key data points that could determine SHIB’s price direction in the coming days.

SHIB price entered a consolidation phase this week as bullish momentum waned. Will the second-largest memecoin by market cap collapse and recover?

Hibb whale reject trade

As the Bitcoin market rally spread to the memecoin market in the last week of October, SHIB prices rose by double digits. However, on-chain data shows that whale trading activity has decreased since SHIB price rejected $0.000008 on October 24.

According to IntoTheBlock, Shiba Inu Whale hit a two-month high of 69 large transactions on October 24. But as of November 2, this number has gradually decreased to 39 whale transactions, a decrease of 44%.

hib

SHIB Block Trade | source: Enter the neighborhood

Daily transaction data provides total daily transactions worth over $100,000. Typically, a sharp decline in whale trading is considered a bearish signal.

It shows that large institutional investors are becoming increasingly indifferent. Importantly, it also influences strategic retail traders to hold negative attitudes. If this argument holds true, SHIB will see lower market demand in the coming days.

SHIB sell orders exceed current market demand

The aggregate order book is another important on-chain chart currently indicating weak demand in the SHIB spot market. As shown in the chart below, SHIB traders have placed orders to sell 6.5 trillion tokens. What is worrying is that this number is higher than the 6 trillion SHIB subscription orders currently listed on 10 exchanges.

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SHIB Integrated Trading Floor Order Book | Source: Enter the neighborhood

An exchange’s aggregate order book shows a snapshot of the total number of active market orders for an asset. Logically, when demand is low, many sellers may have to lower their prices to compete.

Therefore, reduced whale trading activity and weak market demand may drive SHIB prices lower in the coming days.

SHIB Price Prediction: Greduced to 0.000005 Dollar?

Based on current on-chain statistics, the price of Shiba Inu may drop further to $0.000006 in the coming days.

The global inflow/outflow chart depicting the current distribution of SHIB holder input prices also supports this bearish argument. Shiba Inu’s loss of key support at $0.00007 could trigger larger losses.

As shown in the chart below, 52,920 addresses purchased 19.37 trillion SHIB at a maximum price of $0.000007. Considering this is the biggest support group below current price, they could be crazy to hold on to it.

But if whale demand continues to decline, the price of the Shiba Inu will fall further to $0.000005.

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Global Money In/Out (GIOM) | source: Enter the neighborhood

Furthermore, bulls may negate this bearish forecast if the Shiba Inu regains $0.00001. But now it seems far-fetched, as the average price of 153,700 addresses holding 68.5 trillion SHIB is $0.000008. If you take profits early, SHIB price may drop again.

But if this resistance is removed, the price may rise to $0.00001.

you can see the price coin here.

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