Shiba Inu (SHIB) price remains volatile amid conflicting whale activities and bearish market trends. The meme coin recently fell to $0.00001275, its lowest since early May, dropping about 28% from its May peak. Persistent selling pressure is evident as whale holdings declined from 748 trillion to just over 718 trillion tokens since January, with exchange supply steadily rising.
On-chain metrics reveal a negative Network Profit/Loss (NPL), suggesting coins are being sold at a loss, underscoring bearish sentiment. SHIB volume on spot markets also declined, with daily trading volume at $141.8 million, significantly lower than other meme coins like Dogecoin and Pepe.
Technical analysis indicates SHIB has breached key ascending wedge support and dipped below the 50- and 100-day exponential moving averages, hinting at continued downward pressure. The Relative Strength Index (RSI) remains above oversold zones, leaving room for further declines, with critical support around $0.000010. A rebound above the 200-day moving average ($0.00001570) is required to overturn the bearish outlook.
Contrastingly, a recent surge in large whale transactions saw a volume of 14.4 trillion SHIB move in a single day—the highest in months—correlating with a subtle stabilization around the $0.0000129 support level. This spike in whale activity may represent strategic accumulation or redistribution, despite overall market weakness. The RSI at approximately 44 suggests neutral to slight oversold conditions, allowing potential for upward momentum if buying pressure resumes.
The market appears at a crossroads, where the next price moves and whale behavior will be crucial in determining if SHIB can break out of the bearish trap or continue its decline toward lower support levels.