- Whales are pulling out of SHIB, dropping their holdings from 743T to 724T tokens — the lowest since January 2023 — and shifting interest to newer meme coins like Popcat and Dogwifhat. SHIB token inflows to exchanges are rising too, signaling potential sell pressure.
- Token burns aren’t helping much right now, with the burn rate slowing and failing to significantly cut supply. This undercuts one of the key bullish narratives around SHIB’s long-term value.
- Despite all that, technical charts hint at a bullish setup, with a cup-and-handle pattern forming. If it plays out, SHIB could potentially rally toward $0.00002443 — matching January’s peak.
Shiba Inu hasn’t exactly been having its moment in the spotlight lately. The meme coin’s down about 16% from its peak this month, and every bounce attempt? Yeah, it’s been smacked down hard. So now folks are wondering — is SHIB still worth buying? Or are we watching the slow fade-out of one of crypto’s favorite dogs?
Big Wallets Are Letting Go
Let’s talk whales. Not literal ones — the crypto kind. These are the big players, the pros, the money movers. Usually, if they’re buying, that’s a green flag. But lately? They’ve been selling SHIB off in chunks. It’s not just a random dip either — they’re shifting attention to other meme coins like Dogwifhat and Popcat, which, oddly enough, are stealing the show right now.
Back in the day (well, a few months ago), whales held about 743 trillion SHIB. Today? That number’s dropped to 724 trillion — the lowest stash since January last year. That’s… not ideal.
And if that wasn’t enough, there’s more SHIB floating around on exchanges again. It jumped from 139.2 trillion in April to 141.2 trillion now. Usually, more coins on exchanges = folks getting ready to sell. Not great news.
Oh, and remember those token burns everyone was hyped about? They’ve kinda slowed down too. So supply isn’t shrinking fast enough to keep SHIB scarce or boost its value.
Is A Breakout Still On The Table?
Now, before you write SHIB off entirely, here’s a plot twist. The charts — yeah, the technical ones — are whispering something different. There’s this cup-and-handle pattern forming (which is basically a fancy way of saying the price could pop). It’s already nudged above the 50-day moving average too.
If this setup plays out, SHIB could make a strong break to the upside. Best-case scenario? A jump to $0.00002443. That’d match the January high and mark a pretty decent recovery from where it is now.
