Shiba Inu (SHIB) Price Faces Selling Pressure Amid Whale Token Transfers and Declining On-Chain Activity

• Shiba Inu (SHIB) price is experiencing downward pressure amid significant whale token transfers and declining on-chain activity, signaling potential further losses.

• Recent data highlights a sharp decrease in daily transactions and active accounts within the Shiba Inu ecosystem, contributing to the bearish sentiment.

• According to COINOTAG, “The sustained whale sell-offs combined with reduced ecosystem engagement are key factors driving SHIB’s current price decline.”

Shiba Inu price falls as whales offload tokens and on-chain activity drops, raising concerns over SHIB’s near-term support and market outlook.

Massive Whale Transfers to Coinbase Trigger Selling Pressure on Shiba Inu (SHIB)

On June 5, a substantial transfer of over 2 trillion SHIB tokens, valued at approximately $36.6 million, was moved to Coinbase Institutional by a single whale wallet. This transaction, preceded by two additional transfers totaling 524 billion SHIB tokens, has intensified selling pressure on the token. Such large-scale movements often indicate profit-taking or portfolio rebalancing by major holders, which can negatively impact market sentiment. The current SHIB price hovers near a critical support zone between $0.000012 and $0.000013, with the risk of a further decline if selling persists.

Declining Holder Numbers and Ecosystem Activity Amplify Bearish Signals

Data from Etherscan reveals a slight reduction in SHIB holders, now standing at approximately 1.5 million, which correlates with diminished demand. Additionally, on-chain analytics from Sentora highlight four bearish signals for SHIB, reflecting weakening momentum. The Shibarium ecosystem shows a marked decrease in daily transactions, dropping from millions in mid-May to under 75,000 in early June. Active accounts for BONE, SHIB’s associated token, have also declined to below 10,000, underscoring reduced user engagement. These trends collectively suggest a cooling interest that may prolong downward price pressure.

Technical Indicators Point to Potential Further Decline in SHIB Price

Technical analysis supports the bearish outlook, with the 20-day exponential moving average (EMA) crossing below the 50-day EMA on the daily chart—a classic sell signal. SHIB’s trading volume has seen a modest 13% increase, indicating some trader interest, yet futures open interest on major exchanges like Bybit and Binance has decreased, reflecting cautious positioning by derivatives traders. The SHIB1000 futures open interest dropped nearly 7% on Bybit and 3% on Binance, suggesting reduced speculative leverage. These factors combined imply that SHIB may test lower support levels if selling pressure continues.

Community Sentiment and Market Outlook

Despite the bearish technical and on-chain indicators, the Shiba Inu community remains hopeful for a reversal, often citing upcoming ecosystem developments as potential catalysts. However, market participants should remain vigilant, as current data points to sustained pressure from large holders and declining network activity. Investors are advised to monitor key support levels closely and consider broader market conditions before making trading decisions.

Conclusion

Shiba Inu’s recent price decline is primarily driven by significant whale token transfers to exchanges and a notable drop in ecosystem engagement. Technical indicators reinforce the possibility of further downside risk, while the community’s optimism awaits tangible catalysts to reverse the trend. Staying informed on whale movements and on-chain metrics will be crucial for anticipating SHIB’s next market phase.