Shiba Inu Lose Whale Dominance Amidst Bearish Price Action

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Shiba Inu (SHIB) has lost a huge chunk of its dominance among the top 1,000 Ethereum whales. This downtrend became more pronounced after the meme coin dropped by over 12% due to a local reversal.

As the GameFi industry overtakes the crypto industry in bullishness, some analysts opine that meme coins, like Shiba Inu, have begun to settle into range-bound phases or even bear trends, which could trigger losses to the general crypto market capitalization.

One common trend indicator is the dominance among various digital assets. As dominance in a preferred asset drops, whales tend to distribute their funds into other assets as a hedge. Given that GameFi and Metaverse tokens are the raves of the moment, whales have steadily moved their funds into these sectors.

Despite losing 12% in whale dominance (from 20% to 8%), SHIB boasts of a USD value of roughly $2 billion.

Whales likely hold the same amount of tokens, at the moment, but are not increasing their positions on SHIB. As mentioned earlier, this comes amid the downbeat performance of the token over the past few weeks.

Furthermore, reports show whales now hold more “other tokens,” like smaller altcoins with relatively smaller market capitalizations, making it more difficult to track.

Key Shiba Inu Levels to Watch — December 3

Following a bullish breakout on Tuesday, SHIB recorded a multi-week high near $0.0000550 but could not sustain the rally and slumped to the $0.0000420 support. However, the second-largest meme coin has bounced off a new ascending trendline to reclaim the $0.0000440 axis.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView

With the current upbeat sentiment across the broader market, we could see a retest of the $0.0000500 pivot base as we head into the weekend. Also, I expect any new bearish move in SHIB over the coming hours or days to get repelled by the mini ascending trendline.

Meanwhile, my resistance levels are $0.0000500, $0.0000550, and $0.0000600, and my support levels are $0.0000420, $0.0000400, and $0.0000375.

Total Market Capitalization: $2.64 trillion

Shiba Inu Market Capitalization: $24.1 billion

Shiba Inu Dominance: 0.91%

Market Rank: #13

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.