**Shiba Inu price has had a rough year, down nearly 70% year-on-year and more than 90% from its all-time high. As interest in meme coins fades, many question whether SHIB is slowly dying.** This concern intensified after CryptoQuant CEO Ki Young Ju stated that meme coins are “dead,” highlighting a decline in market dominance and diminishing speculative activity. On the surface, Shiba Inu appears to confirm this narrative, but an analysis of on-chain data reveals a more nuanced story.

Meme Coin Weakness Is Real, and Shiba Inu Reflects It

The broader meme coin market has certainly shown signs of weakness. According to CryptoQuant data, the dominance of meme coins has plummeted to levels not seen since early 2024, indicating a decrease in speculative trading across altcoins. Shiba Inu reflects this trend reduced price momentum has led to consistent falls, and rallies have struggled to maintain strength.

Smart money wallets, known for tracking the actions of experienced traders, have steadily diminished their exposure to SHIB throughout the year. This suggests that informed traders are not anticipating short-term rebounds; they seem skeptical about any price surges or recoveries.

Recent derivatives data supports this cautious outlook. Over the last 30 days, most perpetual futures traders have reduced their positions, indicating reduced leverage among smaller accounts. This lack of speculative enthusiasm suggests that traders are not betting on rapid or explosive price movements any time soon.

Whales and Holders Keep Adding as Coins Leave Exchanges

Despite the grim price trajectory, long-term patterns offer a contrasting perspective. The number of Shiba Inu holders has steadily increased, moving from approximately 1.46 million to around 1.54 million this year. While there have been fluctuations, the overall trend remains positive despite falling prices.

More striking is the whale activity. Over the past year, large holders have ramped up their SHIB balances by about 249%. Mega-whales have also increased their holdings by approximately 28.5%. In contrast, the number of tokens on exchanges has diminished by nearly 22%. Fewer coins on exchanges typically lead to reduced selling pressure in the market.

This trend of accumulation appears to have intensified recently—with whale balances rising over 61% in just the past 30 days, coinciding with notable outflows from exchanges.

These developments do not point to panic or abandonment; rather, they suggest a trend of careful accumulation. However, it is noteworthy that derivatives traders are not taking part in this accumulation trend, and outside of major addresses, leverage remains low. Whales are buying, but they are not exhibiting signs of aggression.

Shiba Inu Price Structure Still Weak, but a Reversal Setup Is Emerging

The current price behavior of SHIB remains delicate, yet there are glimmers of hope.

The three-day chart depicts Shiba Inu trading within a long-term falling wedge—a pattern that could indicate a bullish trend if the price breaks upward. Recently, a significant signal emerged as well.

Between December 3 and December 12, Shiba Inu formed a lower low while the Relative Strength Index (RSI)—a key momentum indicator—made a higher low. This divergence hints at diminishing selling pressure, potentially raising the likelihood of a trend reversal.

In this context, key price levels hold increasing importance. Resistance first appears around $0.0000092; a decisive break above this threshold could indicate a breakout from the upper trendline, which has constrained price action since September. Should this validation occur, subsequent resistance levels would surface near $0.000010, $0.000011, and $0.000014, aligning with previous significant swing highs. Notably, only a breakthrough beyond $0.0000092 could effectively challenge claims surrounding the coin’s stagnation.

Conversely, the price structure could weaken if SHIB falls below $0.0000075. A sustained drop beneath this level might invalidate the emerging reversal setup and expose it to further downside risks.

While Shiba Inu is certainly not dead, it is also not robust. Speculation has dried up, traders are adopting a cautious stance, and rapid gains remain unlikely. However, an uptick in holder counts, significant whale accumulation, and plummeting exchange balances hint that this chain has not been abandoned.

Should the environment for altcoins improve, Shiba Inu may still have a potential path to resurgence. For the time being, it remains in a survival mode, poised for stronger confirmation.