Shiba Inu (SHIB) Price Maintains Upward Momentum —But Who’s Buying?

 Shiba Inu Price Insights: 

• Shiba Inu (SHIB) price has increased from $0.0000076 to $0.0000086 between November 1 and November 26, bringing its monthly gains above the 10% mark. 
• While maintaining the upward price trajectory, on-chain data has revealed that Large Investors are growing disinterested in the SHIB token.
• Critical technical indicators also affirm that the next major SHIB price action in the coming week could be bearish. 

Shiba Inu (SHIB) has delivered a fairly positive 10% growth performance in November 2023 so far, despite the intense volatility in the broader crypto markets. However, a critical on-chain metric suggests that the SHIB token is gradually losing traction among crypto whales and corporate investors.

Is it time for strategic bullish traders to exit their SHIB short-term positions?

Crypto Whales are Losing Interest in the SHIB Token  

The memecoin sector made a blistering start to November, with the top 3 meme tokens, Dogecoin (DOGE), PEPE, and Shiba Inu (SHIB), all racing to historic price peaks in the second week of the month.

However, on-chain data now shows that since Shiba Inu price reached a 3-month peak of $0.00001 on Nov 11, crypto whales have significantly dialed down their interest. The large transactions data pulled from on-chain data tracker IntoTheBlock clearly depicts the decline in whale demand.

As seen in the chart below, the Shiba Inu network recorded a total of $115.78 million worth of large transactions on Nov 6. And as expected, that whale demand drove SHIB price to a 3-month peak barely a week later.

But worryingly, the volume of SHIB whale transactions has flattened since then. The latest reading at press time shows that the Shiba Inu network recorded just $7.96 million worth of whale transactions on November 25. This is a staggering 93% decline from the monthly peak recorded on Nov 6.

In crypto parlance, large transactions, alternatively called whale transactions, are a financial metric that tracks corporate investors and high net-worth investors’ trading activity on a blockchain network. Essentially, it sums up the daily volume of unique transactions that exceed $100,000 in value.

This 93% drop in large transactions over the past two weeks is a significant bearish indicator for a few reasons.

• Firstly, it shows that whale investors are buying less of the SHIB token, which could spook eagle-eyed retail traders to also take bearish positions.
• More importantly, without the much-needed liquidity and market depth that these whale transactions provide, Shiba Inu holders could struggle to execute trades at favorable prices in the week ahead.

SHIB Price Forecast: Can the Bears Breakdown the $0.00007 Support? 

From an on-chain perspective, there is an indication that crypto whales appear to be shifting focus away from Shiba Inu and the broader mega-cap memecoins.  This could result in a negative SHIB price performance as November draws to a close.

The Parabolic SAR identifies vital reversal points in an ongoing price trend. When it points below an asset’s current price, it signals a short-term bearish sentiment.

Currently, the SHIB Parabolic SAR indicator dots point toward $0.0000095, which is well above the current price of $0.0000082. This alignment is a strong indication of a bearish Shiba Inu price momentum.

However, the SHIB bears must clear the initial support level around $0.000077 to seize control of the market. If they can break down that buy-wall, it could open the door to a larger downswing toward $0.000006.

On the flip side, the Dogecoin bears could invalidate that prediction if they successfully force a downswing below $0.07. However, the bulls will likely mount a major buy wall around the Parabolic SAR point at $0.071 price range.

If that support territory holds firm, Elon Musk’s “favorite” memecoin will likely avoid a major bearish reversal.