The chart above shows that SHIB recorded whale trades worth $784 million on November 12 as prices hit monthly highs. But since then, the whales seem to have turned to more profitable memecoins like DOGE and Solana memecoins.
The latest data shows that Shiba Inu recorded only $84 million in demand for whales on November 18, reflecting a decline of $700 million over the past seven days.
When whales reduce demand for an asset during an industry-wide rally, it raises bearish concerns for two main reasons.
First, whales often act as liquidity providers, ensuring price stability during heavy trading activity. A $700 million drop in demand for Shiba Inu whales reflects a loss of market confidence, making SHIB more vulnerable to sharp price swings.
With SHIB price currently struggling to hold the $0.000025 support, any sudden sell-off could intensify the downward pressure, potentially testing the support at $0.000020.
Second, the shift of whales’ attention to assets such as memecoins Dogecoin and Solana suggests a diversion of capital from Shiba Inu to competing tokens with higher perceived profitability.
Shiba Inu’s loss of market share to its meme rivals further reinforces the bearish outlook. If whale trading fails to rebound, SHIB may struggle to regain bullish momentum, and the consolidation around $0.000025 could effectively turn into an extended downtrend.
Shiba Inu Price Forecast: $0.0000023 Support at Risk
Shiba Inu price has been consolidating within the narrow $0.000023 to $0.0000025 channel over the past week. However, the $700 million drop in demand for whales now puts SHIB at risk of further decline.
In terms of short-term price projection, SHIB technical indicators also signal a potential pullback towards $0.000023.
The Donchian channels, calculated from the 20-day high and low, illustrate a tightening price range. SHIB price is currently hovering near the lower boundary of the channel, around $0.00002326. This suggests weakening bullish momentum as sellers test the lower end of this critical range.
A close below $0.000023 could trigger additional selling, exposing SHIB to a retest of its next support at $0.000020, which aligns with Donchian’s lower threshold from early November.