Whale Selling Pressures SHIB Down 18.1% in a Month

Whale activity has played a central role in shaping the price action of the Shiba Inu (SHIB) token in 2024, according to recent market analyses. SHIB has faced a steady decline throughout the year, with a 12% drop since the start of 2024 and a 18.1% loss recorded in the past month alone. The token recently traded at around $0.0000123, down nearly 6% over the last week [1].

Data shows that large holders, or whales, have been actively reducing their SHIB positions. By July 21, these major addresses collectively held 17.72 trillion SHIB, but by July 28, that figure had fallen to 17.63 trillion. Over the following days, the holdings dropped further to 17.33 trillion, representing a reduction of 300 billion SHIB, or roughly $3.7 million at current prices. This sustained selling pressure has contributed to downward price pressure and raised concerns of a deeper correction [1].

Glassnode’s Cost Basis Distribution Heatmap highlights key support and resistance levels for SHIB. A significant accumulation of 19.99 trillion SHIB is clustered around the $0.00001212 level, acting as a crucial support zone. Meanwhile, a short-term resistance level forms around $0.00001269, where 11.83 billion SHIB is concentrated. The token has struggled to break above this level, and continued selling from whale accounts could result in a breakdown below the key support level, potentially pushing the price toward $0.00001100 or even $0.00001000 [1].

Daily price charts reflect these dynamics, with SHIB currently trading near the critical support level identified by the heatmap. A decisive break above $0.00001271 could ease downward pressure, but this would require a reversal in whale behavior—something not currently observed in the market [1].

Analysts suggest that SHIB may continue to trade within a range bounded by these key levels in the near term, with whale activity remaining a decisive factor in the token’s price direction [1]. While the token burn program has contributed to supply reduction, it has not yet translated into a meaningful price increase, indicating that whale behavior is a more immediate driver of market sentiment [2].

Similar patterns have been observed in other meme coins, such as Dogecoin (DOGE), where whale accumulation led to a price rebound in late 2025. However, not all such activity results in price gains, as seen with PEPE, where a large whale-driven token release failed to trigger a significant market response [3].

The SHIB price remains in a consolidation phase, with whale accumulation seen as a potential precursor to a bullish move. Analysts caution, however, that unless token burns continue and broader market sentiment improves, SHIB may remain rangebound for the foreseeable future [1].

Source:

[1] https://coinmarketcap.com/community/articles/68a9f25a48ddda3ea984889b/

[2] https://coincentral.com/hottest-memecoins-to-buy-today-unilabs-leads-with-200-potential-as-shib-declines-doge-rangebound/

[3] https://coincentral.com/shiba-inu-burn-update-disappoints-pepe-loses-steam-remittix-emerges-as-augusts-best-crypto-to-buy-now/