300 Billion Dump Puts Shiba Inu Price on Edge of Range Break

Shiba Inu’s price has been under pressure this year. The token is down almost 12% on the yearly chart, while many other major assets are in green. In the last 30 days, SHIB has dropped 18.1%, and over the past week, it has slipped another 6%. At press time, SHIB trades near $0.0000123.

One big question is whether large holders — often called whales — are showing conviction or stepping back. The data suggests the latter, which could put key levels at risk.

Whales Dropping SHIB Holdings

Wallets holding between 100 million and 1 billion SHIB have reduced their bags. On July 21, they held 17.72 trillion SHIB. By July 28, that dropped to 17.63 trillion SHIB. Even that small reduction triggered a sharp price pullback, with the SHIB price falling from $0.000014 to $0.000012 (a 14.29% drop) by August 2.

Shiba Inu whales dumping SHIB: Santiment

Now the drop is larger. These wallets have cut holdings further to 17.33 trillion SHIB as of August 21. That’s about 300 billion SHIB, worth $3.7 million unloaded. With SHIB already in a weak trend, this drop hints that the token could face deeper corrections if selling continues.

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Heatmap Shows Accumulation and Risk Zones

The Cost Basis Distribution Heatmap from Glassnode shows where SHIB has strong accumulation. About 19.99 trillion SHIB is stacked around $0.00001212, making it a heavy support zone. This area already cushioned the price during the August 19 dip.

SHIB Heatmap Highlighting Key Levels: Glassnode

On the upside, about 11.83 billion SHIB sits at $0.00001269, acting as resistance. SHIB has failed to move above this range in the recent week.

With whales cutting their positions, a break below the $0.00001211 support could trigger another wave of selling, similar to earlier pullbacks. The heatmap reinforces the pressure building at these levels.

A cost-basis heatmap shows the price levels where the largest share of tokens were originally accumulated, helping to identify zones of strong holder support or potential selling pressure if those levels are tested.

Shiba Inu Price Chart Confirms the Range

The daily Shiba Inu price chart mirrors the heatmap. SHIB is hovering near $0.00001237, just above the $0.00001203 support, a level close to the heatmap-specific support. If this breaks, the next levels to watch are $0.00001100 and even $0.00001000, which marked the July lows.

Shiba Inu price analysis: TradingView

On the other hand, reclaiming $0.00001271 (close to the heatmap’s $0.00001265) would alleviate the bearish outlook. A strong breakout there (complete candle breaking out) could send the SHIB price toward $0.00001400–$0.00001500, but that requires whale demand to return, which isn’t visible yet.