Shiba Inu (SHIB) experienced a temporary surge followed by a sharp reversal on May 21st. On-chain data reveals increased bearish whale activity and declining market engagement, impacting SHIB’s price action. The token saw a 3.18% intraday gain before retracing by 1.9% in the final hour of trading, according to CoinDesk Research’s technical analysis model. 25.74 trillion SHIB tokens are currently concentrated between $0.000014 and $0.000015, highlighting a key battleground for bulls and bears alike. This period of volatility is punctuated by a lack of widespread investor profitability. While the burn rate has increased significantly, analysts remain cautious about SHIB’s short-term outlook due to continued selling pressure from long-term investors.