Shiba Inu (SHIB) Price Faces Deep Bearish Pressure as Whales Continue to Sell
.png)
Shiba Inu (SHIB) price has fallen more than 30% from its May peak, and whale activity in the market suggests that the sell-off could continue in the coming period.
According to price data, SHIB has fallen from a high of $0.00001757 in mid-May to around $0.00001260 today, its lowest level since early May. The selling pressure from large investors - whales - is creating a not-so-positive sign for this coin.
On-chain data from Santiment shows that the amount of SHIB held by whales (between 100 million and 1 billion tokens) has dropped sharply, from 19.5 trillion tokens last year to 17.96 trillion tokens currently. Similarly, the group holding between 1 million and 100 million tokens is also continuously retreating. This has caused the proportion of stablecoins in the hands of SHIB whales to decrease from a peak of 56% to 52.4%.
In addition, SHIB's realized profit/loss (NRPL) is also in a negative state of 1.04 million USD and has maintained a loss for many consecutive days, reflecting that investment sentiment is becoming negative as many investors begin to accept losses and sell.
On-chain activity declines sharply
Activity indicators on the Shibarium platform also show a significant decline. The number of active accounts has decreased from 1,045 in early June to 172 accounts today. Transaction fees measured in BONE have also decreased from 1,459 BONE to 336 BONE, indicating that the amount of transactions converted to SHIB and burned is decreasing sharply. This situation puts negative pressure on investor sentiment, which could prolong the downtrend.
Technical Analysis: Bearish Trend Is Dominating
The daily chart of SHIB shows that the coin is in a downtrend with lower highs and lower lows. SHIB is now below both the 50-day and 100-day moving averages along with several important support levels according to the Murrey Math Lines theory.
The descending channel pattern is present, suggesting that SHIB could continue to correct lower. The nearest important support level is $0.00001043 – the lowest level in April, which represents a decrease of about 17.8% from the current price.
Conversely, if SHIB can break above the 50-day moving average at $0.00001361, the bearish outlook will be reversed, opening up opportunities for a short-term technical recovery.
Conclusion
The whale sell-off combined with the decline in on-chain indicators and technical signals shows that SHIB price is still under significant downward pressure. Investors need to closely monitor the support at $0.00001043 and the reaction at the 50-day moving average to make appropriate investment decisions in the coming time.
