Shiba Inu prices face pressure amidst mixed signals from network growth and declining activity from major investors.
Overview of Shibarium and its Impact on Prices
Shibarium, the network launched for Shiba Inu, shows mixed dynamics. The number of active addresses has increased to 268 million, approaching a critical milestone of 270 million. In the last 24 hours, the network processed over 1.08 million transactions, bringing the total to 1.54 billion. However, other metrics indicate struggles, as total value locked in DeFi has decreased by 12% in the last 30 days, now standing at $1.63 million.
Technical Analysis of Shiba Inu Prices
On the weekly chart, Shiba Inu prices are forming a symmetrical triangle, indicating potential further decline. After a sharp drop from $0.00003330, SHIB remains below the 50-week and 25-week moving averages. This poses a risk of a strong bearish breakout, potentially towards the support level of $0.0000069, which was observed in July.
Trends Among Major Investors
A decline in activity among major investors is also reflected in Shiba Inu prices. Nansen data shows that whales currently hold 45 billion SHIB tokens, down significantly from 97 billion in June. Smart money investors hold 44.5 billion tokens, down from 53 billion over the same period.
With growing addresses in Shibarium and declining interest from major investors, Shiba Inu prices remain at risk of further declines.
