On Wednesday, Shiba Inu prices plummeted towards $0.000025, down 20% since December 9th. Solana meme coins such as Fartcoin (FART) and Gotheus Maximus (GOAT) have dominated the meme coin sector since the market rally began. According to on-chain data, SHIB whale transactions over $100,000 decreased by 83% from December 9th to December 18th.
On Wednesday, the Shiba Inu price opened at $0.000026, its lowest opening price in 20 days since November 29th. On-chain data shows that the SHIB token is struggling to attract whale demand as the Solana meme dominates social channels.
Shiba Inu price drops 20% despite virtual currency market recovery
After the flash crash caused by rising geopolitical risks on December 9th, favorable macroeconomic indicators in the United States increased the demand for crypto assets.
But while top assets such as Bitcoin, Ripple (XRP), and Cardano (ADA) have posted double-digit gains since December 10, Shiba Inu's price is heading in the opposite direction.
Shiba Inu price action | SHIB/USDT, (Binance)
The daily price chart of SHIB/USDT shows how the SHIB price has failed to participate in the recovery phase of the crypto market over the past week.
As depicted above, SHIB price has fallen 20% from $0.0000032 in December, reaching a level of $0.000025 at press time on Wednesday.
Demand for Shiba Inu whales decreases by 82% due to dominance of Solana meme
Since December 10th, Solana meme coins have experienced significant capital inflows, overshadowing legacy meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE).
In particular, Fartcoin (FART) skyrocketed, increasing its market cap by more than $600 million, while Goatseus Maximus also posted a significant increase.
This appears to be having a negative impact on whale demand for traditional meme coins such as Shiba Inu and Dogecoin.
IntoTheBlock data highlights this shift, revealing a sharp decline in large SHIB transactions.
The large trade chart below shows the number of single trades per day over $100,000. This provides insight into the trading activity of large investors regarding specific market events.
Big deal for Shiba Inu | Source: Into the Block
As seen above, Shiba Inu Whale's trading value on December 9th was SHIB 18.85 trillion.
But since then, they have relentlessly scaled back their trades, with only 3.3 trillion SHIB being traded in the big trade on December 17th.
This shows that demand for SHIB among whale investors has decreased 82% and the price has fallen 20% in the past 9 days.
Reduced whale activity typically reduces market liquidity, weakening investor confidence and potentially amplifying further declines and price corrections.
If this trend continues, Shiba Inu's ability to recover could be hampered by Solana's increasing dominance of the meme coin ecosystem.
Shiba Inu price prediction: $0.000025 support at risk
Shiba Inu price appears to be under increasing bearish pressure and is at risk of breaking its key support zone at $0.00002561.
The attached SHIB/USDT chart highlights a prolonged downtrend over 9 days that culminates in a 20.64% price decline.
In particular, the Relative Strength Index (RSI) is below 50 at 44.45, indicating that the buying momentum is waning and the bears are gaining more ground.
Shiba Inu price prediction | Shiba USDT
Currently, SHIB is facing immediate resistance at $0.00002874, which coincides with the midline of the Bollinger Bands.
A decisive recovery above this level could trigger a short-term rally, especially if it coincides with a significant volume spike, as seen in previous breakout attempts.
Sustained demand could push the price towards the upper resistance of the Bollinger Bands near $0.00003297.
However, failure to sustain above the key support at $0.00002561 risks triggering further declines.
The next major support lies at $0.00002451 and bulls should intervene to protect this structure.
A break below this level could invalidate the bullish outlook and send SHIB towards $0.00002200, worsening bearish sentiment.
