The meme coin mania of the past few weeks pushed Shiba Inu’s (SHIB) price to an eight-month high of $0.000030 on November 12. Due to this hike, a significant portion of SHIB’s supply is now profitable.

However, as market sentiment shifts, many Shiba Inu holders are now opting to secure their gains by selling their SHIB coins.

Shiba Inu Holders Sell For Profit

According to IntoTheBlock’s Global In/Out of the Money indicator, 829 trillion SHIB coins held by 851,000 addresses, which comprise 62% of all the meme coins holders, are “in the money.”

An address is considered “in the money” when the current market price of the asset it holds is higher than the average acquisition cost of the tokens in that address. This indicates that the holder would realize a profit by selling their holdings at the prevailing market price.

On the other hand, 82.39 trillion SHIB coins held by 398,000 addresses are “out of the money.” These are addresses that currently hold their coins at a loss. 

With 62% of all its holders now in profit, there has been a resurgence in profit-taking activity. This is reflected in SHIB’s declining Chaikin Money Flow (CMF). As of this writing, this indicator is at 0.08, trending downward toward the center zero line.

The CMF measures the market’s buying and selling pressure. When it falls toward the zero line, it signals weakening buying momentum, indicating that market participants are losing conviction in the uptrend.

Additionally, the setup of SHIB’s moving average convergence divergence (MACD) indicator confirms this bearish outlook. At press time, the coin’s MACD line (blue) rests below its signal line (orange).

This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. When the MACD line falls below the signal line, it indicates a bearish trend and confirms the reversal of an uptrend. It suggests that selling pressure is increasing, and the asset’s price could decline further.

SHIB Price Prediction: A Decline To $0.000020?

SHIB is trading at $0.000025, marking a 4% decline in the last 24 hours. It remains above key support at $0.000022. If SHIB falls below this support, its price could drop further to $0.000020.

On the other hand, if profit-taking activity relaxes and the meme coin witnesses a resurgence in new demand, it will break above resistance at $0.000026 to reclaim its eight-month peak of $0.000030.

Bitcoin price is consolidating below the $100,000 resistance. BTC bulls might soon attempt to breach the stated milestone and push the price further higher.

• Bitcoin started a fresh increase above the $96,500 zone.
• The price is trading below $98,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to rise if it clears the $98,000 resistance zone.

Bitcoin Price Eyes More Upsides

Bitcoin price remained supported above the $92,500 level. BTC formed a base and started a fresh increase above the $96,000 level. It cleared the $97,500 level and traded to a new high at $99,650 before there was a pullback.

There was a move below the $98,000 level. A low was formed at $95,973 and the price is now rising. There was a move above the $96,800 resistance level. The price cleared the 50% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low.

Bitcoin price is now trading below $98,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $98,000 level. There is also a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $99,650 swing high to the $95,973 low.

The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000.

A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,500 resistance level. Any more gains might send the price toward the $105,000 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $98,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $96,800 level.

The first major support is near the $95,750 level. The next support is now near the $95,000 zone. Any more losses might send the price toward the $92,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $96,800, followed by $95,000.

Major Resistance Levels – $98,000, and $100,000.

Since its launch earlier this year, the meme coin platform Pump.fun has become a notable name in the crypto industry. This platform allows users, regardless of their technical know-how, to create and launch meme coins swiftly.

However, the live-streaming feature has led to serious controversies and calls for a ban due to inappropriate content and financial malfeasance.

Originally, Pump.fun’s livestream was intended to let developers promote their meme coins. Regrettably, some users have misused it to broadcast extreme and harmful activities. A notable incident involved a developer promoting self-harm if his cryptocurrency reached a $25 million market cap.

Additionally, some users threaten to harm pets or even humans if their coins do not achieve certain market capitalization goals.

The situation reached a critical point when Beau, a safety project manager at Pudgy Penguins, reported an alarming livestream. In it, an individual threatened to hang themselves if their coin did not reach a specific market cap.

“Shut down the livestream feature. This is out of control,” Beau stated.

The platform has also been a hotbed for financial scams, prominently featuring “rug pulls.” A recent case involved a school-aged individual who created a meme coin named QUANT, quickly amassing $30,000 and then exiting the project, leaving investors with worthless digital tokens. This led to the kid’s doxxing, with his personal information and that of his family maliciously shared online.

In response to these incidents, some community members have called for the complete shutdown of the platform. Conversely, others suggest that simply disabling the livestream function might suffice.

Eddie, a legal intern, strongly criticized the platform’s governance. He believes that turning off the livestreams or moderating them is crucial.

“There is an art to shock value on stream. Simply sharing nudity or other shocking and even horrific content is not innately interesting. People seek stories and novel concepts that engage them. The content shared on pump livestreams at the moment are not only uninteresting, but conceptually lazy,” Eddie said.

Yet Alon, a Pump.fun executive, claims that the platform’s content has been moderated since day one.

“We have a large team of moderators working around the clock and an internal team of engineers that’s working on helping us deal with increased scale of coins, streams, and comments. I admit that our moderation isn’t perfect, so if you’re aware of a coin where moderation isn’t enforced, please report it in our support channels immediately,” Alon said.

The ongoing debate reflects the platform’s dilemma. While it offers users significant creative freedom, it also poses serious risks without stringent moderation.

Now, the community and stakeholders await decisive action. The call for stronger moderation is loud and clear, aiming to protect both the platform’s integrity and its users from further harm.

Despite these controversies, Pump.fun has continued to perform well financially. Data from DefiLlama shows that the platform has amassed over $215 million in revenue since March 2024.

Furthermore, the platform has facilitated the deployment of more than 3.8 million meme coins.