Immy Dorse 
Well, it’s been a quiet day for Shiba Inu, at least on the surface. The price barely budged, down less than a percent. That’s pretty much in step with how other meme coins are doing right now. Nothing to write home about, really.
But if you pull the camera back a bit, the picture isn’t so great. Over the last month, SHIB has actually dropped by more than 17%. That’s a pretty steep slide. And there are a few signs suggesting this rough patch might not be over just yet.
Fewer People Are Actually Using SHIB Right Now
One of the first things that caught my eye is the activity on the network itself. The number of daily active addresses—basically, unique wallets transacting—has been steadily falling. It’s sitting around 3,150 now, which is awfully close to the lowest point we’ve seen all month.
This isn’t just a random stat. In the past, whenever this number has spiked, the price has usually followed suit not long after. We saw that play out clearly back in early August. So this current lull in activity? It feels like it lines up with a general lack of enthusiasm, or maybe even a slow shift toward selling.
Another indicator, the Bull-Bear Power thing, seems to back that up. It’s starting to show that selling pressure is creeping up. The bears might be slowly getting the upper hand here.
Yet, Someone Big Is Still Buying
Here’s where it gets confusing, though. Despite all that, one metric isn’t following the gloomy script. It’s called the Chaikin Money Flow (CMF), and it’s still sitting in positive territory. That typically means money is still flowing into the asset, even if the price is struggling.
It makes you wonder who’s doing the buying when the mood seems so cautious. The answer might lie with the biggest holders. Data shows the top 100 SHIB wallets have been accumulating a staggering amount—we’re talking trillions of tokens—over the last three months.
So, even if some of the sharper traders are taking some profit off the table, these major players seem to see value at this level. They’re buying while others are maybe getting nervous. It’s a interesting twist.
The Charts Are Painting a Concerning Picture
From a pure chart perspective, things look a bit shaky. A key technical event just happened: the shorter-term 20-day moving average dipped below the 50-day one. Traders often see this ‘crossover’ as a bearish signal, and it has preceded some sharper drops before.
The price has already slipped below one minor support level around $0.00001259. It’s hovering just below that now. If the selling continues, the next stop could be down near $0.00001215. If that doesn’t hold, a slide toward $0.00001160 isn’t out of the question.
Of course, none of this is set in stone. The one thing that would really change this gloomy technical outlook would be a strong push back above $0.00001320. That would likely flip the momentum. But for now, the path of least resistance seems to be pointing down, whale accumulation or not.