Price action alone looks ugly. $SHIB is down ~70% YoY and over 90% from its all-time high. Meme coin speculation has clearly cooled, and even CryptoQuant’s CEO recently called meme coins “dead” as dominance and leverage collapsed. On the surface, SHIB fits that story.
But on-chain data complicates it.
Speculation is gone — and that’s obvious Derivatives data shows perpetual traders have been steadily cutting exposure. Outside of the largest wallets, leverage is light. Smart-money addresses have reduced activity, and rallies continue to fail below long-term resistance. This is not a market pricing in fast upside.
That said, lack of leverage also means fewer forced sellers.
Spot behavior tells a different story While traders stepped back, holders didn’t.
• SHIB holder count has risen from ~1.46M to ~1.54M wallets
• Large-holder balances are up sharply (whales +200%+ YoY)
• Exchange balances are down ~22%, signaling reduced sell-side pressure
Over the last 30 days alone, whale accumulation accelerated while coins continued leaving exchanges. That doesn’t look like abandonment — it looks like slow, patient positioning.
Price structure: weak, but improving On the higher timeframes, $SHIB is still inside a falling wedge. Recently, price printed a lower low while RSI made a higher low — a bullish divergence that often appears near trend exhaustion.
Key levels matter here: • $0.0000092 — breakout level. A clean reclaim weakens the “dead coin” narrative
• Above that: $0.000010 → $0.000011 → $0.000014
• Below $0.0000075 — reversal thesis fails and downside risk opens again
Bottom line $SHIB isn’t in a hype cycle anymore — and that’s exactly why this zone matters. Speculation is muted, leverage is low, but on-chain accumulation is real. If broader alt momentum returns, SHIB still has room to reprice. Until then, it’s a patience trade, not a lottery ticket.
This is one of those charts where watching how price reacts at key levels matters more than headlines.
