Shiba Inu (SHIB) has faced a 20.53% price decline over the past month, trading within a descending price channel since reaching a local high of $0.00001764 three weeks ago. Despite this downtrend, large holders or "whales" have recently resumed significant accumulation, scooping up 1.93 trillion SHIB tokens in a single day—marking a strong net inflow and hinting at notable increased demand from these key market participants.
According to IntoTheBlock, the whale net flow has surged to a monthly high of 1.92 trillion tokens, with outflows limited to just 8 billion tokens, indicating strong buy-side activity. This buying pressure by whales is complemented by a negative exchange net flow of approximately $-2.7 million, suggesting tokens are moving off exchanges and into private wallets, which typically signals accumulation and bullish sentiment.
However, alternative recent data shows a sharp 91% drop in large whale transaction volume, falling from a peak of 24.3 trillion SHIB tokens on June 5th to just over 2 trillion tokens on June 9th. This discrepancy suggests a possible pullback by large holders or a temporary cooling of market enthusiasm despite the modest price gains SHIB has posted in the last 24 hours, rising by about 1-1.75% to roughly $0.00001259-$0.00001292.
The conflicting signals reflect a cautious market stance: while whale accumulation could provide upward momentum, the substantial drop in large transaction volume could point to uncertainty among major investors. If whale accumulation continues, SHIB may test resistance near $0.000013; conversely, selling pressure could push it below $0.000012 support, potentially declining further.