Shiba Inu price observes no considerable gains in over two weeks, SHIB holders resort to this

Shiba Inu price has been one of the most disappointing charts to look at since the altcoin has been registering weak gains since the early days of March. While many investors considered it to be the calm before the alt season storm, at the moment, it seems like the meme coin has just gone quiet. In response, SHIB holders are taking appropriate actions.

Shiba Inu price disappoints investors

Shiba Inu price stood at $0.00001157 at the time of writing, awaiting a push toward a key psychological barrier of $0.00001200. However, beyond being a simple resistance line, this price level also represents nearly $880 million worth of 76 trillion SHIB tokens. This supply wall will be breached once the altcoin crosses the $0.00001200 mark and turns these token holders profitable.

Shiba Inu supply awaiting profits

This could reinstate some of the lost confidence that has been noted over the last couple of weeks, particularly in the supply on exchanges. The balance has increased by nearly 2 trillion SHIB in the span of 19 days, which suggests that investors have dumped about $23 million worth of their holdings.

Shiba Inu supply on exchanges

Disseminating the distribution of Shiba Inu supply among different cohorts makes it evident that it is the whales who are partaking in this selling the most. Over the same duration as $23 million worth of SHIB was sold, the addresses holding between 1 trillion to 10 trillion SHIB reduced their balance by nearly 7 trillion SHIB, collectively.

A part of the supply shed was picked up by smaller whale wallets, particularly the wallets holding 100 billion to 1 trillion SHIB. These addresses observed an uptick in their holdings, which increased from 98 trillion to 102 trillion in three weeks.

Shiba Inu whale holdings

Nevertheless, broader market cues indicate investors are still skeptical when it comes to Shiba Inu, which is evident in the decline in network growth. The chart shows the rate of network adoption, i.e., amount of new addresses formed on the project/blockchain on a daily basis. 

Shiba Inu network growth

At the time of writing, the network growth had dropped by 47% from 2,875 to 1,511 and continued to go down. If Shiba Inu price does not recover soon, this decline in confidence might not stop, and selling could be rampant over the coming days.