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Shiba Inu ($SHIB ) has endured a harsh market cycle. The token is down roughly 70% year-over-year and more than 90% from its all-time high, prompting a growing question among investors: is SHIB slowly dying?

That concern intensified after CryptoQuant CEO Ki Young Ju remarked that meme coins are “dead,” pointing to declining dominance and waning speculative interest. On the surface, $SHIB appears to fit that narrative. However, price action alone does not capture the full picture.

On-chain data suggests a more complex reality.
Speculation Has Faded — And SHIB Reflects It
Speculative activity, the primary driver of meme-coin rallies, has cooled significantly:
Meme-coin dominance has fallen to early-2024 levels
SHIB continues to trade below key long-term resistance
Smart-money wallets have gradually reduced exposure
Derivatives traders are cutting leverage
In short, traders are no longer positioning for rapid rebounds or explosive upside. The speculative fuel that once powered meme coins has largely evaporated.
Whales Are Accumulating Beneath the Surface
While short-term traders step aside, long-term participants appear to be quietly accumulating:
Total SHIB holders increased from ~1.46 million to ~1.54 million
Large-holder balances rose approximately 249% year-over-year
Mega-whale holdings climbed around 28.5%
Exchange balances declined roughly 22%
Fewer tokens on exchanges typically translate to reduced immediate selling pressure. Notably, whale balances have increased by more than 60% in the past 30 days alone—an indication of accumulation rather than abandonment.

Price Structure: Weak, But Not Broken
From a technical perspective, SHIB remains within a long-term falling wedge. Recent price action shows:

A lower low in price
A higher low in RSI
This bullish divergence suggests selling pressure may be weakening, even though the broader trend remains fragile.

Key levels to monitor:
Resistance: $0.0000092 (a breakout could shift market sentiment)
Upside zones: $0.000010 to $0.000014
Downside risk: Support near $0.0000075
Final Assessment
Shiba Inu is not dead—but it is clearly in a recovery phase rather than a growth phase.
Speculation has cooled, traders remain cautious, and near-term explosive gains are unlikely. However, rising holder counts, consistent whale accumulation, and declining exchange balances indicate the network has not been abandoned.
If a broader altcoin cycle re-emerges, SHIB may still have room to participate. Until then, it remains in survival mode—not extinction.
The conclusion isn’t emotional.
It’s written on-chain

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