Shiba Inu Price Pulls Back, But Long-Term Holders See Strength

Shiba Inu (SHIB) traded at $0.00000451 on August 13, after giving back most of its breakout gains from July-August.

This pullback saw SHIB's Stochastic RSI reset to zero, with the price retreating towards the 0.236 Fibonacci support level.

A descending wedge is forming in the charts, which could be a sign of a potential reversal.

Despite this technical risk, on-chain metrics show that long-term SHIB holders have reached an all-time high, with one-year-plus wallets at a record level.

This increased adoption is also reflected in the fact that over 410 trillion SHIB have been burned to date, representing 41.08% of the initial supply across 21,537 burn transactions.