Shiba Inu (SHIB) has seen a wave of selling activity as the meme coin’s price surge slows. After hitting an eight-month high of $0.000030 on November 12, many holders are cashing out. They are taking advantage of the profitable positions created by the recent rally.
Profit-Taking Spikes Among SHIB Holders
Data from IntoTheBlock reveals that 829 trillion SHIB tokens, held across 851,000 addresses, are now “in the money.” This means 62% of SHIB holders could sell their tokens at a profit compared to their average purchase price.
Meanwhile, 82.39 trillion SHIB tokens are considered “out of the money,” held by 398,000 addresses at a loss. With most holders in profit, selling pressure is mounting, reflected in the coin’s weakening Chaikin Money Flow (CMF). The CMF, currently at 0.08 and trending downward, shows reduced buying momentum and hints at fading confidence in SHIB’s recent uptrend.
Indicators Signal Bearish Momentum
The Moving Average Convergence Divergence (MACD) indicator also paints a bearish picture. SHIB’s MACD line has slipped below the signal line, a pattern that typically signals increasing selling pressure. This setup suggests a potential continuation of the downward trend.
Price Outlook: Support or Slide?
Presently, SHIB changes hands at $0.000025, down 4% in the last 24 hours and is holding above key support at $0.000022. A break below this could further push the price lower to $0.000020.
However, it could rebound if profit-taking slackens and fresh demand materializes to reclaim its peak of $0.000030.
The coming days will determine whether SHIB can regain its upward momentum or face further declines as sellers dominate the market.
