SHIB struggles due to the sale of 300 billion tokens

The price of Shiba Inu (SHIB) has been under pressure this year. This Token has fallen nearly 12% on the yearly chart, while many other major assets have recorded gains. In the past 30 days, SHIB has lost 11% and just in the last week, it continued to fall another 2%. At the time of writing, SHIB is trading around $0.0000126.

A big question is whether large investors, commonly referred to as whales, are maintaining their confidence or pulling back. Data suggests that they seem to be pulling back, putting important support levels at risk.

Whales fall the amount of SHIB holdings

Wallets holding between 100 million and 1 billion SHIB have cut back on the amount of tokens. On July 21, they held 17.72 trillion SHIB. By July 28, this number had decreased to 17.63 trillion SHIB. Although this decrease is not large, it has also led to a strong correction, causing the price of SHIB to fall from 0.000014 to 0.000012 dollars (, a decrease of 14.29% ) on August 2.

Whales dump SHIB | Source: SantimentNow, the decline is even larger. These wallets continue to reduce their holdings to 17.33 trillion SHIB as of August 21. This means that approximately 300 billion coins (equivalent to 3.7 million dollars) have been sold. With SHIB already in a weak trend, this sell-off indicates that the token may face deeper corrections if the selling pressure continues.

The heat map shows accumulation and risk areas

The Glassnode Basic Cost Distribution map shows the areas where SHIB is being heavily accumulated. Approximately 19.99 trillion SHIB is being gathered around the level of 0.00001212 dollars, forming an important support zone. This area has previously supported the price during the fall on August 19.

The SHIB map shows important levels | Source: GlassnodeOn the bullish side, approximately 11.83 billion SHIB is sitting at the resistance level of $0.00001269. Over the past week, this memecoin has repeatedly failed to break through this price range.

With whales continuing to reduce positions, a break below the support level of $0.00001211 could trigger another wave of selling, similar to previous corrections. The map above further reinforces the pressure building at these price levels.

The basic cost map shows the price levels at which most tokens were initially accumulated, helping to identify areas with strong support from holders or the risk of selling pressure emerging if these levels are tested.

Price Chart SHIB confirms trading range

The daily chart of Shiba Inu reflects similarities with the map above. SHIB is currently fluctuating around the level of 0.0000127 dollars, just slightly above the support of 0.00001203 dollars, very close to the support zone indicated in the map. If this level breaks, the next thresholds to watch are 0.000011 dollars and even 0.00001 dollars, which is the low of July.

SHIB Price Analysis | Source: TradingViewConversely, reclaiming the 0.00001271 dollar mark (close to the 0.00001265 dollar level on the chart)will alleviate bearish prospects. A strong breakout here (with a closing candle above)could push the price up to the 0.000014 – 0.000015 dollar range, but this requires demand from whales to return — which has not materialized yet.

Minh Anh