Shiba Inu Whales Sell 359 Billion Tokens, Price Drops 8.4% Weekly

Shiba Inu, a popular memecoin, is currently experiencing significant sell pressure as large holders and retailers offload their tokens. According to IntoTheBlock, whales aggressively sold 359 billion SHIB tokens in a single day, marking a 229% surge in outflows from the previous day's 109 billion SHIB. This massive outflow indicates increased selling activity and strong bearish sentiments among large holders, who typically offload tokens when they expect prices to decline.

The sell-side pressure is not limited to whales; it has spread across all market cohorts. Shiba Inu's Buy/Sell Volume recorded a negative order imbalance of 134.15 billion, with a total of 1.2 trillion tokens sold. This negative imbalance suggests that sellers are dominating the market, with more sell orders being executed. Additionally, Shiba Inu’s Exchange Flow balance turned positive, holding at 5.3 million SHIB, indicating more deposits into exchanges than withdrawals. This trend is further confirmed by a positive Exchange Netflow that has remained so over the past two days, with a netflow of 252 billion tokens reflecting a massive exchange inflow.

Historically, such trends—rising exchange inflow and outsized sell pressure—have preceded sharp price declines. The token supply is outweighing demand, setting the stage for inflationary effects on price. If this continues, SHIB may witness deeper corrections in the near term. As expected, the higher selling activity has negatively impacted Shiba Inu’s price action, with the memecoin experiencing a sharp decline on its price charts. At press time, SHIB traded at $0.00001324, down 8.4% on the weekly chart and 1.84% over the last 24 hours. The continued decline reflects strong bearish sentiment in the market, positioning the memecoin at a risky point. If sellers continue to dominate, SHIB could drop to $0.00001274. However, if buyers reenter the market and challenge the bears, the memecoin can reclaim $0.00001397. For this bullish outlook to hold, the memecoin needs a daily close above $0.00001376.