Shiba Inu Price Nears Key Support as Whale Activity Raises Risk

Shiba Inu (SHIB) is currently trading at approximately $0.00001210, down 1.94% in the past 24 hours. The popular meme coin remains under pressure, hovering near a critical support level at $0.000011. A break below this threshold could trigger a deeper decline toward the $0.000010 range, an area with little historical support. SHIB continues to struggle technically, trading below major resistance levels at the 50, 100, and 200-day EMAs. Several failed attempts to break higher since early March have further reinforced the bearish sentiment.

Trading volume has remained low and mostly in the red, signaling weak buying interest and mounting selling pressure. The Relative Strength Index (RSI) is nearing oversold territory at 40.5, which could potentially spark a short-term relief bounce—though that would require a clear uptick in demand.

On-chain data adds another layer of risk to SHIB’s outlook. Over 70% of the token’s total supply is concentrated in the hands of a few whale addresses. This centralization poses a significant threat to price stability. If these large holders begin to sell, SHIB could face a liquidity crunch and rapid price decline. Conversely, price support could hold if whales continue to hold or increase their positions.

Despite its technical challenges, SHIB retains strong community support, especially within the Shibarium ecosystem. Ongoing developments and utility-based initiatives offer long-term potential. However, until ownership becomes more decentralized and adoption expands, SHIB remains highly susceptible to volatility driven by whale movements and market sentiment.