Large holders moved an astounding 6.35 trillion SHIB on May 12, marking a recent massive spike in transaction volume on Shiba Inu. Although that initially sounds explosive, the fallout paints a more sobering picture. SHIB has not been able to sustain any momentum from that activity, according to the daily price chart.

The meme coin has dropped significantly from its local peak near $0.000017 to trade around the $0.000014 level despite a promising surge earlier this month. Now, the price is perilously close to its 50 EMA support, threatening a breakdown that might push it toward $0.0000135 or even the psychological $0.000013 zone. The 200 EMA at $0.00001605 served as strong resistance.

SHIB/USDT Chart by TradingView

What is most worrying is that volume has not kept pace with price. Notwithstanding a brief spike in interest, the volume's inconsistent follow-through raises the possibility that the move was more about whale rearrangement than actual accumulation. The price direction appears to have been little affected by the large spike in transaction volume, suggesting that it may have been the result of internal transfers or coordinated selling rather than bullish accumulation. 

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Whale activity is irregular when viewed from an on-chain standpoint. Even though SHIB moved by 1.04% over the past day, it is still far below the seven-day high and conveys a sense of uncertainty. This type of volume is more of a warning sign than a bullish one in the absence of consistent accumulation.

Utility remains the fundamental issue with SHIB. Its practical application is still speculative. SHIB's meme coin status is also insufficient to sustain it in an atmosphere that is becoming more and more focused on value and innovation. It is difficult to see SHIB rising steadily from here unless the general market sentiment shifts to euphoria or Shiba Inu receives an unexpected catalyst. The $0.000013 support may see a brief rebound but in the absence of volume and storyline, it is probably just a stopgap before more damage is done.

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