Shiba Inu's price has had a tough year. The token is nearly 70% lower than a year ago and more than 90% below its all-time high. Now that the meme coin hype is fading, many people are wondering if SHIB is slowly disappearing.
That concern grew after CryptoQuant CEO Ki Young Ju said that meme coins are 'dead', due to declining dominance and less speculation. At first glance, Shiba Inu seems to confirm that story. But on-chain data provides more insight.
Meme coin weakness is real, Shiba Inu shows it
The broader meme coin market has clearly weakened. CryptoQuant data shows that meme coin dominance has dropped to the lowest levels since early 2024, indicating less speculation in altcoins.
Shiba Inu follows this trend. The price remains below long-term resistances, and recoveries do not hold. Smart money wallets, which follow the behavior of experienced and active traders, have gradually reduced their SHIB positions throughout the year.
This suggests that traders are not taking positions for a quick price recovery. Simply put: well-informed traders do not rely on sudden increases or rallies.
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Recent data from derivatives confirms this picture. In the past 30 days, most perpetual futures traders have reduced their exposure. Outside the largest addresses, leverage is limited. This shows that traders are cautious and do not expect rapid price movements.
Simply put: speculation has dried up. This supports the idea that meme coins no longer drive the market as they did before. But speculation is just one side of the story.
Whales and holders continue to accumulate as coins leave exchanges
Despite weak price movements, behavior in the long term shows a different picture.
The number of SHIB holders, or the number of wallets holding SHIB, has been steadily increasing throughout the year. It started around 1.46 million and has now grown to about 1.54 million. The growth has not always been steady, but the trend remains positive, even though the price has fallen significantly.
Whale data stands out even more.
Over the past year, large holders have increased their SHIB balance by approximately 249%, according to the previously shared image. Mega whales have increased their balance by about 28.5%. At the same time, exchange balances, that is, how many tokens are held at trading platforms, have decreased by nearly 22%. Fewer coins on exchanges usually means less direct selling pressure.
This trend has accelerated recently. In just the past 30 days, whale balances have increased by over 61%, while most coins have left exchanges in the same period.
That does not appear to be panic or giving up. It looks like slow accumulation.
It is important to mention that derivative traders are not participating. Outside of the top addresses, there is little leverage. Whales take positions early but do not act aggressively.
Shiba Inu price structure remains weak, but a reversal setup is emerging
SHIB price remains vulnerable, but is not hopeless.
On the three-day chart, Shiba Inu is trading in a long-term falling wedge, a pattern that often becomes bullish when the price breaks upward. Recently, an important signal appeared.
Between December 3 and December 12, the Shiba Inu price made a lower low, while the Relative Strength Index (RSI), a momentum indicator, showed a higher low. This bullish divergence suggests that selling pressure is decreasing, increasing the chances of a trend reversal.
Key levels are now more important than stories.
The first resistance is around $0.0000092. A clear breakthrough above this level would signal a breakout from the upper trend line that has constrained the price since September. If that breakout is confirmed, the next resistance areas can be found around $0.000010, $0.000011, and $0.000014, which correspond to the last major swing high. Note: only a breakout above $0.0000092 can completely invalidate the claims of a 'dead coin.'
At the bottom, the structure weakens below $0.0000075. A prolonged drop below that level would invalidate the reversal pattern and increase the risk of further decline.
Shiba Inu is not dead, but also not strong. Speculation is gone, traders are cautious, and quick profits are unlikely. Still, rising holder numbers, strong whale accumulation, and declining exchange reserves show that the chain is certainly not abandoned.
If there is another altcoin season, Shiba Inu still has a chance for recovery. For now, the coin remains in survival mode and waits for stronger confirmation.
