Whales trimmed large SHIB holdings, signaling reduced confidence and weakening support.
Long liquidations surged, driving bearish sentiment and lowering open interest on derivatives.
Price risks deeper correction unless broader market recovery lifts SHIB above key resistance.
Shiba Inu — SHIB, is not just limping, it's bleeding. The meme token slipped again on Thursday, dragging along a 3.22% drop from the day before. Prices now flirt with danger near the 50-day EMA. Meanwhile, whales are jumping ship, and fewer holders remain in profit. This combination forms a cocktail of fear and uncertainty. With support levels getting tested and indicators flashing red, traders now face one pressing question: how much lower can SHIB fall?
https://twitter.com/FXStreetNews/status/1933147689757167968?t=OWiCrdPwrewPFAzjBqv8dA&s=19 Whale Wallets Trigger Worry
Large investors are pulling back, and the data shows the damage. Santiment reports a sharp trim in wallets holding 10M to 100M SHIB. These wallets now hold 9.34 trillion tokens—a 9 billion SHIB drop since January 1. Even larger wallets, holding between 100M to 1B SHIB, shed 720 billion tokens. That’s a serious retreat and a strong signal that major players are losing faith. Profitability has taken a nosedive too. At the start of the year, 75% of SHIB was in profit.
That number now sits at 23%. The majority of holders are underwater, and morale has sunk like a stone in deep water. Derivative data also reflects the storm brewing beneath the surface. Open interest dropped 3% to $172 million. A wave of long liquidations wiped out bullish bets, totaling $331K in 24 hours. Short liquidations came in much lower, only around $15K. The imbalance speaks volumes—bears hold the reins now. Funding rates remain positive, resting at 0.0084%.
Chart Signals Favor More Downside
The daily chart paints a somber picture. SHIB formed another lower high and failed to reclaim the 50-day EMA. That rejection signals further weakness. A continued drop could take SHIB toward the $0.00001200 support. Below that, key zones lie at $0.00001150 and the year’s low at $0.00001029. These are the next lines of defense. If price slices through them, panic may set in among retail traders.
Short sellers may follow the trend, trailing stops to lock in profits as support levels crumble. Technical indicators offer little hope. The MACD sits flat, delaying any bullish crossover. Momentum looks tired. Meanwhile, the RSI hovers at 43 and trends downward. With plenty of room before reaching oversold territory, the bears may push further without much resistance.
However, a glimmer of hope exists. If SHIB breaks above $0.00001421—last seen on March 26—bulls could regroup. Resistance above lies at $0.00001550 and $0.00001700, two levels marked by February peaks. But for now, gravity seems stronger than optimism. SHIB needs more than hope to climb again. The whales have spoken.
