Shiba Inu Falls 6% as Whale Activity Grows, But Technical Reversal Pattern Emerges
Shiba Inu (SHIB) dropped 6% over the last 24 hours, weighed down by broader macro pressure following renewed tariff concerns from President Donald Trump and a strengthening U.S. dollar that also dragged down Bitcoin.
The meme token fell from $0.000013 to $0.000012 during the sell-off, marking its lowest level since July 9 and extending its pullback from July 21 highs near $0.000016.
The decline coincided with a sharp rise in SHIB held on centralized exchanges, which jumped to 84.9 trillion tokens as of July 28 — signaling possible whale distribution. Still, on-chain data shows $63.7 million worth of SHIB (4.66 trillion tokens) were accumulated during the same period, highlighting conflicting market signals. Meanwhile, SHIB’s burn rate surged 16,700% over 24 hours, with 602 million tokens destroyed through coordinated transactions.
Key Market Insights:
- Resistance at $0.000013 triggered heavy selling and a return to the $0.000012 support level.
- Buying interest was concentrated at the $0.000012 mark, supported by 1.19 trillion tokens in bids.
- Volume exceeded 90.5 billion tokens, suggesting strong participation at support levels.
Technical Outlook: Inverted Hammer Offers Potential Upside
Despite the steep decline, SHIB’s July price action printed an inverted hammer — a candlestick formation that often signals a bullish reversal, especially after a downtrend. The pattern reflects failed seller dominance and emerging buyer interest.
For the reversal to play out, SHIB must hold above $0.00001108 — July’s low. A breakdown below that level would invalidate the pattern and open the door for further downside.
