Shiba Inu At Risk of Range Break Following Massive Sell-Off

Shiba Inu drops 18.1% in 30 days, hovering near critical support.

Whales reduce holdings by 300 billion SHIB, increasing selling pressure.

Break below $0.00001211 could trigger further declines toward July lows.

Shiba Inu price is showing clear signs of strain. The token has fallen nearly 12% on the yearly chart, lagging behind major assets enjoying gains. In the last 30 days, SHIB dropped 18.1%, and the past week added another 6% decline. At press time, SHIB hovers near $0.0000123, teetering on a critical support level. Traders are watching whale movements closely, as these massive holders can tip the market.

Whales Unload SHIB Holdings

Large SHIB wallets, holding between 100 million and 1 billion SHIB, are shedding their positions. On July 21, these whales collectively held 17.72 trillion SHIB. By July 28, holdings slipped to 17.63 trillion. Even this modest reduction triggered a sharp price drop, pushing SHIB from $0.000014 to $0.000012 by August 2. The selling wave has intensified.

As of August 21, these wallets reduced their holdings further to 17.33 trillion SHIB. That amounts to roughly 300 billion tokens, worth $3.7 million, unloaded from the market. In a weak trend, such reductions can spark deeper corrections if selling continues. The cost-basis distribution heatmap from Glassnode highlights zones of accumulation and risk.

Nearly 19.99 trillion SHIB sits around $0.00001212, forming a strong support zone. This level cushioned the price during the August 19 dip. On the upside, around 11.83 billion SHIB rests at $0.00001269, acting as a resistance barrier. If whale selling persists, a break below $0.00001211 could unleash another wave of decline.

Chart Patterns Mirror Market Pressure

Daily SHIB charts reflect the heatmap’s narrative. Price hovers near $0.00001237, barely above $0.00001203 support. A slip below this could trigger a drop toward $0.00001100 or even $0.00001000, levels that marked July lows. Conversely, reclaiming $0.00001271 could ease bearish pressure. A strong breakout past $0.00001271, confirmed with a complete daily candle, could send SHIB toward $0.00001400–$0.00001500.

Current market dynamics show tension on both sides. Selling pressure from large holders confronts accumulation zones, creating a tug-of-war over SHIB’s fate. Traders must act decisively, as the slightest shift could ignite volatile swings. Shiba Inu’s story this month resembles a tightrope walk. Every whale sale nudges the token closer to critical breakdown levels. Meanwhile, accumulation zones act like safety nets, but they may not hold indefinitely.

Investors watching closely can gain an edge by anticipating whale behavior and support breaches. With price balancing on a knife-edge, Shiba Inu may soon decide its next chapter. The coming days will reveal whether the market rebounds or succumbs to another wave of selling. For now, the spotlight remains on whale activity and key price levels.