<p><strong>柴犬幣的價格經歷了艱難的一年。該代幣年初至今下跌近 70%，較歷史最高點下跌超過 90%。隨着對迷因幣的興趣減退，許多人開始質疑 SHIB 是否正在緩慢消亡。</strong></p>
<p>這種擔憂在 CryptoQuant 首席執行官 Ki Young Ju 表示迷因幣 “已經死去” 後愈發加劇，他提到其主導地位崩潰和投機活動減少。從表面上看，柴犬幣似乎符合這一敍述。但鏈上數據為這個故事增添了更多層次。</p>
<h2>迷因幣的疲軟是真實的，柴犬幣反映了這一點</h2>
<p>更廣泛的迷因幣市場顯然已經疲軟。CryptoQuant 的數據表明，迷因幣的主導地位已降至 2024 年初的低點，表明替代幣的投機活動減少。</p>
<blockquote>
<p>迷因幣市場已經死去。 pic.twitter.com/6kymLWH4JX</p>
<p>— Ki Young Ju (@ki_young_ju) 2025 年 12 月 11 日</p>
</blockquote>
<p>柴犬幣反映了這一趨勢。價格一直處於長期阻力位之下，反彈未能維持。追蹤經驗豐富和活躍交易者的錢包（智能資金錢包）在整個年度內穩步減少了對 SHIB 的持有。</p>
<p>這表明交易者並未為短期反彈進行佈局。簡單來説，知情交易者並不依賴於價格飆升，更不用説反彈了。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/rPiRcqwMflYYalVCZGXzWg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwNQ--/https://media.zenfs.com/en/beincrypto_us_662/5d200378cb8454d34b0c222287628749?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/rPiRcqwMflYYalVCZGXzWg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwNQ--/https://media.zenfs.com/en/beincrypto_us_662/5d200378cb8454d34b0c222287628749"/></p>
<p>持有 SHIB 一年以上的投資者：Nansen</p>
<p><em><strong>想要獲取更多這樣的代幣見解？請在這裏註冊編輯 Harsh Notariya 的每日加密貨幣通訊。</strong></em></p>
<p>最近的一部分衍生品數據進一步強化了這一觀點。在過去 30 天中，大多數永續合約交易者減少了持倉。除了最大的地址外，槓桿仍然較輕。這表明交易者謹慎，並不期待快速或爆炸性的走勢。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/KCQzrFppPWpP6fDSwckCIQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQyMg--/https://media.zenfs.com/en/beincrypto_us_662/702a02606d4cf29c691709f32e96aead?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/KCQzrFppPWpP6fDSwckCIQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQyMg--/https://media.zenfs.com/en/beincrypto_us_662/702a02606d4cf29c691709f32e96aead"/></p>
<p>衍生品持倉：Nansen</p>
<p>簡單來説，投機活動已經枯竭。這支持了迷因幣不再像以前那樣推動市場的觀點。但投機只是方程式的一部分。</p>
<h2>大户和持有者持續增加，代幣離開交易所</h2>
<p>儘管價格走勢疲軟，但長期行為卻講述了不同的故事。</p>
<p>柴犬幣的持有者數量（追蹤持有 SHIB 的錢包數量）在全年持續上升。從約 146 萬開始，增長至大約 154 萬。儘管增長並不平穩，但趨勢依然向好，即使價格大幅下跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/1JwejykeW1mqSs_x.p7ETQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUyNQ--/https://media.zenfs.com/en/beincrypto_us_662/c1ee88a83d882d53278f0608f67ec48d?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/1JwejykeW1mqSs_x.p7ETQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUyNQ--/https://media.zenfs.com/en/beincrypto_us_662/c1ee88a83d882d53278f0608f67ec48d"/></p>
<p>持有者持續增加：Santiment</p>
<p>大户的數據更為引人注目。</p>
<p>根據之前分享的圖像，過去一年中，大户的 SHIB 餘額增加了約 249%。超級大户的餘額增加了約 28.5%。與此同時，交易所的餘額（顯示在交易平台上的代幣數量）減少了近 22%。交易所上的代幣減少通常意味着即時賣壓減輕。</p>
<p>這一趨勢最近加速。在過去 30 天中，大户的餘額增加了超過 61%，而大多數交易所的流出發生在同一時期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/Ty3ROhnQXhoVIbiFIHSiVA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQyMQ--/https://media.zenfs.com/en/beincrypto_us_662/5514c685e618a15d7a1c58c08376c6ba?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/Ty3ROhnQXhoVIbiFIHSiVA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQyMQ--/https://media.zenfs.com/en/beincrypto_us_662/5514c685e618a15d7a1c58c08376c6ba"/></p>
<p>最近的 SHIB 持有情況：Nansen</p>
<p>這看起來並不是恐慌或放棄，而是緩慢的積累。</p>
<p>然而，重要的是要注意，衍生品交易者並沒有參與其中。除了頂級地址外，槓桿持倉仍然較低。大户似乎早早進入，但並不激進。</p>
<h2>柴犬幣價格結構仍然疲弱，但反轉形態正在出現</h2>
<p>SHIB 的價格走勢依然脆弱，但並非絕望。</p>
<p>在三日圖上，柴犬幣交易在一個長期下行楔形內，這一形態通常在價格向上突破時會轉為看漲。最近，一個關鍵信號出現了。</p>
<p>在 12 月 3 日至 12 月 12 日之間，柴犬幣的價格創下了更低的低點，而相對強弱指數（RSI）這一動量指標卻創下了更高的低點。這一看漲背離表明賣壓正在減弱，提高了趨勢反轉的可能性。</p>
<p>關鍵水平現在比敍述更為重要。</p>
<p>第一個阻力位在$0.0000092 附近。若能幹淨突破這一水平，將標誌着自 9 月以來限制價格的上行趨勢線的突破。如果確認，下一阻力區間在$0.000010、$0.000011 和$0.000014 附近，這與最後一個主要的波動高點相符。請注意，只有突破$0.0000092 的水平才能完全否定 “死幣” 的説法。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/sOT9ZdGbVOepxSjTepkYWA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUwNQ--/https://media.zenfs.com/en/beincrypto_us_662/ac7d97e1f877d664fea623fb174e39d5?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/sOT9ZdGbVOepxSjTepkYWA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUwNQ--/https://media.zenfs.com/en/beincrypto_us_662/ac7d97e1f877d664fea623fb174e39d5"/></p>
<p>柴犬幣價格分析：TradingView</p>
<p>在下行方面，結構在$0.0000075 以下變得脆弱。若持續低於該水平，將使反轉形態失效，並重新開啓下行風險。</p>
<p>柴犬幣並沒有死去，但也並不強勁。投機活動消失，交易者保持謹慎，快速獲利的可能性不大。儘管如此，持有者數量上升、大户大量積累以及交易所餘額下降表明該鏈遠未被遺棄。</p>
<p>如果替代幣週期迴歸，柴犬幣仍有復甦的路徑。目前，它仍處於生存模式，等待更強的確認。</p>
<p>閲讀原文故事《柴犬幣會在 2026 年消亡嗎？鏈上數據給出答案》，作者 Ananda Banerjee，來源於 beincrypto.com</p>

<p>柴犬幣的價格大幅下跌，引發了對其未來的擔憂。儘管市場趨勢疲軟，但鏈上數據顯示持有者數量和鯨魚的積累在增加，這暗示着復甦的潛力。雖然投機活動有所減少，但關鍵阻力位可能表明看漲反轉的跡象。柴犬幣並沒有消亡，而是處於生存模式，等待更強的市場確認</p>

<p><strong>Shiba Inu price has had a rough year. The token is down nearly 70% year-on-year and more than 90% from its all-time high. With meme coin interest fading, many now question whether SHIB is slowly dying.</strong></p>
<div class="lb-trans"><p><strong>柴犬幣的價格經歷了艱難的一年。該代幣年初至今下跌近 70%，較歷史最高點下跌超過 90%。隨着對迷因幣的興趣減退，許多人開始質疑 SHIB 是否正在緩慢消亡。</strong></p>
</div><p>That concern grew after CryptoQuant CEO Ki Young Ju said meme coins are “dead,” citing collapsing dominance and shrinking speculation. On the surface, Shiba Inu seems to fit that narrative. But on-chain data adds more layers to the story.</p>
<div class="lb-trans"><p>這種擔憂在 CryptoQuant 首席執行官 Ki Young Ju 表示迷因幣 “已經死去” 後愈發加劇，他提到其主導地位崩潰和投機活動減少。從表面上看，柴犬幣似乎符合這一敍述。但鏈上數據為這個故事增添了更多層次。</p>
</div><h2>Meme Coin Weakness Is Real, and Shiba Inu Reflects It</h2>
<div class="lb-trans"><h2>迷因幣的疲軟是真實的，柴犬幣反映了這一點</h2>
</div><p>The broader meme coin market has clearly weakened. CryptoQuant data shows meme coin dominance has fallen to early-2024 lows, signaling reduced speculative activity across altcoins.</p>
<div class="lb-trans"><p>更廣泛的迷因幣市場顯然已經疲軟。CryptoQuant 的數據表明，迷因幣的主導地位已降至 2024 年初的低點，表明替代幣的投機活動減少。</p>
</div><blockquote>
<p>Memecoin markets are dead. pic.twitter.com/6kymLWH4JX</p>
<p>— Ki Young Ju (@ki_young_ju) December 11, 2025</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>迷因幣市場已經死去。 pic.twitter.com/6kymLWH4JX</p>
<p>— Ki Young Ju (@ki_young_ju) 2025 年 12 月 11 日</p>
</blockquote>
</div><p>Shiba Inu mirrors that trend. Price has stayed under long-term resistance, and rallies have failed to hold. Smart money wallets, which track experienced and active traders, have steadily reduced SHIB exposure throughout the year.</p>
<div class="lb-trans"><p>柴犬幣反映了這一趨勢。價格一直處於長期阻力位之下，反彈未能維持。追蹤經驗豐富和活躍交易者的錢包（智能資金錢包）在整個年度內穩步減少了對 SHIB 的持有。</p>
</div><p>That suggests traders are not positioning for short-term rebounds. Simply put, informed traders are not relying on price surges, let alone rallies.</p>
<div class="lb-trans"><p>這表明交易者並未為短期反彈進行佈局。簡單來説，知情交易者並不依賴於價格飆升，更不用説反彈了。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/rPiRcqwMflYYalVCZGXzWg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwNQ--/https://media.zenfs.com/en/beincrypto_us_662/5d200378cb8454d34b0c222287628749" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/rPiRcqwMflYYalVCZGXzWg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQwNQ--/https://media.zenfs.com/en/beincrypto_us_662/5d200378cb8454d34b0c222287628749"/></p>
<p>Year-Long SHIB Holders: Nansen</p>
<div class="lb-trans"><p>持有 SHIB 一年以上的投資者：Nansen</p>
</div><p><em><strong>Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.</strong></em></p>
<div class="lb-trans"><p><em><strong>想要獲取更多這樣的代幣見解？請在這裏註冊編輯 Harsh Notariya 的每日加密貨幣通訊。</strong></em></p>
</div><p>A recent chunk of derivatives data reinforces this view. Over the past 30 days, most perpetual futures traders have cut exposure. Outside of the largest addresses, leverage remains light. This shows traders are cautious and not expecting a fast or explosive move.</p>
<div class="lb-trans"><p>最近的一部分衍生品數據進一步強化了這一觀點。在過去 30 天中，大多數永續合約交易者減少了持倉。除了最大的地址外，槓桿仍然較輕。這表明交易者謹慎，並不期待快速或爆炸性的走勢。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/KCQzrFppPWpP6fDSwckCIQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQyMg--/https://media.zenfs.com/en/beincrypto_us_662/702a02606d4cf29c691709f32e96aead" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/KCQzrFppPWpP6fDSwckCIQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQyMg--/https://media.zenfs.com/en/beincrypto_us_662/702a02606d4cf29c691709f32e96aead"/></p>
<p>Derivatives Positioning: Nansen</p>
<div class="lb-trans"><p>衍生品持倉：Nansen</p>
</div><p>In simple terms, speculation has dried up. That supports the idea that meme coins are no longer driving the market the way they once did. But speculation is only one side of the equation.</p>
<div class="lb-trans"><p>簡單來説，投機活動已經枯竭。這支持了迷因幣不再像以前那樣推動市場的觀點。但投機只是方程式的一部分。</p>
</div><h2>Whales and Holders Keep Adding as Coins Leave Exchanges</h2>
<div class="lb-trans"><h2>大户和持有者持續增加，代幣離開交易所</h2>
</div><p>Despite weak price action, long-term behavior tells a different story.</p>
<div class="lb-trans"><p>儘管價格走勢疲軟，但長期行為卻講述了不同的故事。</p>
</div><p>Shiba Inu’s holder count, which tracks how many wallets hold SHIB, has continued to rise throughout the year. It started near 1.46 million and has grown to roughly 1.54 million. The growth has not been smooth, but the trend remains positive, even as prices fell sharply.</p>
<div class="lb-trans"><p>柴犬幣的持有者數量（追蹤持有 SHIB 的錢包數量）在全年持續上升。從約 146 萬開始，增長至大約 154 萬。儘管增長並不平穩，但趨勢依然向好，即使價格大幅下跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/1JwejykeW1mqSs_x.p7ETQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUyNQ--/https://media.zenfs.com/en/beincrypto_us_662/c1ee88a83d882d53278f0608f67ec48d" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/1JwejykeW1mqSs_x.p7ETQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUyNQ--/https://media.zenfs.com/en/beincrypto_us_662/c1ee88a83d882d53278f0608f67ec48d"/></p>
<p>Holders Keep Increasing: Santiment</p>
<div class="lb-trans"><p>持有者持續增加：Santiment</p>
</div><p>Whale data is more striking.</p>
<div class="lb-trans"><p>大户的數據更為引人注目。</p>
</div><p>Over the past year, large holders have increased their SHIB balances by about 249%, per the image shared earlier. Mega-whale balances are up roughly 28.5%. At the same time, exchange balances, which show how many tokens sit on trading platforms, have dropped by nearly 22%. Fewer coins on exchanges usually mean less immediate selling pressure.</p>
<div class="lb-trans"><p>根據之前分享的圖像，過去一年中，大户的 SHIB 餘額增加了約 249%。超級大户的餘額增加了約 28.5%。與此同時，交易所的餘額（顯示在交易平台上的代幣數量）減少了近 22%。交易所上的代幣減少通常意味着即時賣壓減輕。</p>
</div><p>This trend accelerated recently. Over the past 30 days alone, whale balances rose more than 61%, while most of the exchange outflows happened during the same period.</p>
<div class="lb-trans"><p>這一趨勢最近加速。在過去 30 天中，大户的餘額增加了超過 61%，而大多數交易所的流出發生在同一時期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/Ty3ROhnQXhoVIbiFIHSiVA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQyMQ--/https://media.zenfs.com/en/beincrypto_us_662/5514c685e618a15d7a1c58c08376c6ba" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/Ty3ROhnQXhoVIbiFIHSiVA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTQyMQ--/https://media.zenfs.com/en/beincrypto_us_662/5514c685e618a15d7a1c58c08376c6ba"/></p>
<p>Recent SHIB Holdings: Nansen</p>
<div class="lb-trans"><p>最近的 SHIB 持有情況：Nansen</p>
</div><p>That does not look like panic or abandonment. It looks like slow accumulation.</p>
<div class="lb-trans"><p>這看起來並不是恐慌或放棄，而是緩慢的積累。</p>
</div><p>However, it is important to note that derivatives traders are not joining in. Outside of top addresses, leverage positioning remains muted. Whales appear early, but are not aggressive.</p>
<div class="lb-trans"><p>然而，重要的是要注意，衍生品交易者並沒有參與其中。除了頂級地址外，槓桿持倉仍然較低。大户似乎早早進入，但並不激進。</p>
</div><h2>Shiba Inu Price Structure Still Weak, but a Reversal Setup Is Emerging</h2>
<div class="lb-trans"><h2>柴犬幣價格結構仍然疲弱，但反轉形態正在出現</h2>
</div><p>SHIB price action remains fragile, but it is not hopeless.</p>
<div class="lb-trans"><p>SHIB 的價格走勢依然脆弱，但並非絕望。</p>
</div><p>On the three-day chart, Shiba Inu is trading inside a long-term falling wedge, a pattern that often turns bullish if the price breaks upward. Recently, a key signal appeared.</p>
<div class="lb-trans"><p>在三日圖上，柴犬幣交易在一個長期下行楔形內，這一形態通常在價格向上突破時會轉為看漲。最近，一個關鍵信號出現了。</p>
</div><p>Between December 3 and December 12, the Shiba Inu price made a lower low while the Relative Strength Index (RSI), a momentum indicator, made a higher low. This bullish divergence suggests selling pressure is weakening, raising the odds of a trend reversal.</p>
<div class="lb-trans"><p>在 12 月 3 日至 12 月 12 日之間，柴犬幣的價格創下了更低的低點，而相對強弱指數（RSI）這一動量指標卻創下了更高的低點。這一看漲背離表明賣壓正在減弱，提高了趨勢反轉的可能性。</p>
</div><p>Key levels now matter more than narratives.</p>
<div class="lb-trans"><p>關鍵水平現在比敍述更為重要。</p>
</div><p>The first resistance sits near $0.0000092. A clean break above this level would mark a breakout from the upper trendline that has capped the price since September. If confirmed, the next resistance zones lie near $0.000010, $0.000011, and $0.000014, which align with the last major swing high. Do note that only a level break beyond $0.0000092 could completely invalidate the &#34;dead coin&#34; claims.</p>
<div class="lb-trans"><p>第一個阻力位在$0.0000092 附近。若能幹淨突破這一水平，將標誌着自 9 月以來限制價格的上行趨勢線的突破。如果確認，下一阻力區間在$0.000010、$0.000011 和$0.000014 附近，這與最後一個主要的波動高點相符。請注意，只有突破$0.0000092 的水平才能完全否定 “死幣” 的説法。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/sOT9ZdGbVOepxSjTepkYWA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUwNQ--/https://media.zenfs.com/en/beincrypto_us_662/ac7d97e1f877d664fea623fb174e39d5" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/sOT9ZdGbVOepxSjTepkYWA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUwNQ--/https://media.zenfs.com/en/beincrypto_us_662/ac7d97e1f877d664fea623fb174e39d5"/></p>
<p>Shiba Inu Price Analysis: TradingView</p>
<div class="lb-trans"><p>柴犬幣價格分析：TradingView</p>
</div><p>On the downside, the structure weakens below $0.0000075. A sustained move under that level would invalidate the reversal setup and reopen downside risk.</p>
<div class="lb-trans"><p>在下行方面，結構在$0.0000075 以下變得脆弱。若持續低於該水平，將使反轉形態失效，並重新開啓下行風險。</p>
</div><p>Shiba Inu is not dead, but it is not strong either. Speculation is gone, traders remain cautious, and quick gains are unlikely. Still, rising holder counts, heavy whale accumulation, and falling exchange balances suggest the chain is far from abandoned.</p>
<div class="lb-trans"><p>柴犬幣並沒有死去，但也並不強勁。投機活動消失，交易者保持謹慎，快速獲利的可能性不大。儘管如此，持有者數量上升、大户大量積累以及交易所餘額下降表明該鏈遠未被遺棄。</p>
</div><p>If an altcoin cycle returns, Shiba Inu still has a path to revival. For now, it remains in survival mode, waiting for stronger confirmation.</p>
<div class="lb-trans"><p>如果替代幣週期迴歸，柴犬幣仍有復甦的路徑。目前，它仍處於生存模式，等待更強的確認。</p>
</div><p>Read original story Will Shiba Inu Die Out In 2026? On-Chain Data Hold the Answer by Ananda Banerjee at beincrypto.com</p>
<div class="lb-trans"><p>閲讀原文故事《柴犬幣會在 2026 年消亡嗎？鏈上數據給出答案》，作者 Ananda Banerjee，來源於 beincrypto.com</p>
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柴犬幣是否會在 2026 年消亡？鏈上數據揭示答案