• SHIB has remained below its short-moving average.
• RSI is indicating pending seller exhaustion.

Shiba Inu [SHIB] has been navigating a period of heightened volatility, with its price retracing from recent highs and on-chain metrics reflecting mixed signals.

Despite the short-term bearish sentiment, whale accumulation and a potential bottoming phase have emerged as pivotal themes. With the token trading near critical support levels, market participants are watching closely for signs of a reversal. 

MVRV Ratio signals reduced selling pressure

According to the analysis of the Santiment chart, the 30-day Market Value to Realized Value Ratio (MVRV) for Shiba Inu has plunged to -19.43%.

The current level indicates that most recent holders are operating at a significant loss. Historically, such deeply negative MVRV ratios have marked periods of accumulation, as holders are less likely to sell at a loss, reducing overall sell pressure.

This trend suggests that SHIB is approaching a potential local bottom. If the MVRV begins to recover, it could signal an accumulation phase, laying the groundwork for a future price rebound.

Whales dominate as large wallets accumulate

Analysis of the holder distribution chart reveals a steady increase in large wallet balances, particularly among wallets holding 10 billion to 100 billion SHIB.

This category of investors, often called whales, has been actively accumulating during SHIB’s price downturn.

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Author: Adewale Olarinde

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