On June 9, roughly 3.87 trillion SHIB, or about $50 million worth at prevailing prices, changed hands in a single 24-hour window. That torrent of tokens left many scratching their heads: what does such massive on-chain movement mean for Shiba Inu’s price trajectory and investor psychology?
Shiba Inu has been consolidating between its long-standing support near $0.00001200 USDT and stiff resistance at roughly $0.00001418 USDT (50 EMA) and $0.00001392 USDT (100 EMA) on the daily chart. After a brief bounce off support earlier in June, SHIB struggled to reclaim those moving averages, marking a shallow lower-high pattern.
According to on-chain analytics, 74% of SHIB’s supply is concentrated among large holders. This cluster of whales orchestrating multi-trillion-token transfers suggests strategic repositioning, either profit-taking or redeployment into other opportunities. With 58% of addresses currently underwater and only 38% in profit, a significant portion of the community is psychologically primed to sell if price falters further.
Other indicators paint a cautious picture: Shiba Inu’s seven-day large-transaction volume stands at $860 million, an uptick reflecting both heavy flows and potentially aggressive selling. Meanwhile, Telegram membership has dipped by 0.28% over the past week, hinting at tepid retail engagement.
Short-term volatility: The enormous 24-hour transfer likely feeds near-term choppiness. Watch for retests of $0.00001200 USDT; holds there could attract opportunistic bids, while a breakdown might accelerate declines toward $0.00001050 USDT.
Whale-driven direction: Given high supply concentration, price swings will often mirror moves by large holders. Tracking on-chain outflows and exchange deposits can offer an early warning of further retraces.
Volume confirmation: Without renewed buying volume above $0.00001400 USDT and a healthy volume surge, any rally attempt risks being a dead cat bounce.
