Shiba Inu's (SHIB) price has been stagnant, leading to significant investor losses last seen in May 2021 and causing a decrease in on-chain transactions. This lack of activity has created a sense of pessimism among investors. Despite the Relative Strength Index (RSI) and 50-day Exponential Moving Average (EMA) hinting at a potential bounce, the risk of SHIB hitting a new low for 2023 persists.
The shift in SHIB supply towards whale investors, who now own a staggering 623 trillion SHIB, came after retail investors shed $60 million from their holdings. With such a large concentration of the altcoin in the hands of a few, the possibility of reigniting bullish sentiment and triggering a price recovery for SHIB largely depends on these whale investors.
This situation underscores the influence that large holders can exert on the market, particularly for smaller, more volatile cryptocurrencies like Shiba Inu. The cryptocurrency's price performance and its future trajectory now seem tied to the actions of these whales, highlighting the pivotal role they play in the altcoin market.
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