The on-chain data for Shiba Inu (SHIB) indicates a decline in transactions and a decrease in support from institutional and large-scale investors. This drop in transaction volume suggests that major holders are leaving the asset. The inability to overcome a pivotal resistance level and the lack of significant bullish momentum make it challenging for SHIB to make progress. However, there is still hope with long-term support provided by the 200-day moving average. To change the perception and make progress, SHIB needs a substantial increase in purchasing pressure, as the ongoing whale exodus and weak market performance hinder its growth.



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