During the duration of this month, the price of a Shiba Inu has fluctuated between $0.00000700 and $0.00000800.

Since May 2021, the number of affected investors has increased each month, and now stands at approximately 90% of all addresses.

Although it is encouraging to see $SHIB supply shift from investors to whales, the positive development has not yet been reflected in the market.

The lack of movement in the pricing of Shiba Inus over the past four weeks has proven discouraging to traders. There hasn't been much news about the meme coin market lately since investors are wary due to the absence of a rise in the market value of #cryptocurrency . This has caused them to draw back and wait until SHIB begins growing again.

The market value of Shiba Inus must act.

From the beginning of this month, the #Shibainu pricing has generally been within a range. Meme coin has been trading between $0.00000700 and $0.00000800, but has been more frequently seen towards the lower limit, at $0.00000699. There is a high probability of SHIB breaking down below this support level.

Relative Strength Index (RSI) readings below 50.0 indicate that bullish momentum is not strong enough to push Shiba Inu into the bullish zone. If the price breaks above this level, it would indicate that buyers have the upper hand and that a price recovery is imminent.

But, if the price of Shiba Inus falls below the aforementioned support level, it might hit $0.00000656, which is around the year-to-date lows. If we were to break through it, we'd be looking at a new low for 2023.

A surge above $0.00000800 is achievable, though, if SHIB can gain the backing of its investors and inject bullishness into the cryptocurrency. If the cryptocurrency were to recover its recent losses, it would also turn support at the 50-day Exponential Moving Average (EMA).

Will investors back a turnaround?

When considering the on-chain indications, the likelihood of investors deliberately participating to inject bullishness into the market is low. That's because they don't have any need to use the blockchain for their transactions. There has been a dramatic increase in the proportion of investors experiencing a loss during the previous month.

More than 88% of SHIB holders are in the red as of this writing. May of 2021 was the last time this was reported, approximately 28 months ago. The sheer number of investors taking losses demonstrates not only waning optimism but also a growing sense of gloom.

The change in the supply owned by various investors is more evidence of this. While whales make up the bulk of SHIB investors, smaller retail investors also play a significant role.

Nonetheless, it appears that ordinary investors have sold off a sizable amount of their SHIB holdings during the previous few days. Whales bought up 623 trillion SHIB, or 63.5% of the total circulating supply, while normal investors dumped around 8 trillion SHIB, or about $60 million, during the preceding few weeks.