The chart above shows that zero balance SHIB wallets increased to 7,020 on November 10. When such spikes occur near market highs, it implies that a large number of existing users have sold all their holdings, thereby reducing their balances to zero. Unsurprisingly, the Shiba Inu price began to fall on November 12, just 48 hours after the zero balance peak.
This sell-side pressure partly explains why SHIB price failed to make a decisive breakout above $0.000030 on November 12 and remained stuck in a sideways move, despite positive sentiment from key events such as Gensler’s exit confirmation and $11.4 billion purchase by MicroStrategy party.
However, trends observed this week suggest that a bullish reversal in SHIB prices may be imminent.
The latest data shows that Shiba Inu has seen a sharp decline in zero-balance addresses, suggesting that new entrants and traders who emptied their wallets by selling at the top have started buying again.
As of press time, the number of Shiba Inu zero balance addresses has dropped to 2,040 wallets. Essentially, this shows that 4,980 empty wallets acquired SHIB over the past two weeks, taking advantage of the drop to buy cheap.
Historical data shows that when a large number of traders reactivate their portfolio during a decline, it is often a sign of a major bullish price reversal. Increased capital inflows improve liquidity and absorb selling pressure.
Shiba Inu Price Prediction: $0.000030 Breakout Ahead
If the downward trend in SHIB zero balance addresses persists, it could potentially trigger a quick breakout towards $0.0000030 in the coming days. Two key technical indicators also support this optimistic Shiba Inu price outlook.
The Keltner Channel (KC) reveals that SHIB is trading within a consolidation range, with critical support at $0.00002414, aligned with the channel’s midline. This level has remained stable despite recent declines, demonstrating the resilience and strong interest of buyers.