At press time, Shiba Inu (SHIB) trades at $0.00001282, up 4.1% over the past seven days and 2% in the last 24 hours. However, three-month gains remain muted at just 3.2%. The short-term Shiba Inu price rally hinted at hope, but that spark was quickly curled back by surprising whale activity and sharp profit-taking.
Still, not everything is lost. SHIB’s breakout structure remains intact, and dip buying has left a faint sign of hope.
Whales Add, Then Sell: Profit Grabs Mute the Breakout
On September 5, SHIB whales suddenly added to their holdings, increasing their stash from 692.68 trillion tokens to 703.95 trillion. At SHIB’s price of $0.000012, this accumulation represented a jump worth about $135 million. Yet within hours, that same stash surprisingly dropped to 701.93 trillion — a net sell-off of nearly $25 million.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
This quick in-and-out mirrored SHIB’s price move on the same day. The token climbed from $0.00001206 to $0.00001248, only to stall almost instantly.
Additionally, between September 4 and September 8, the SHIB supply in profit jumped from 20.86% to 29.64% — its highest level in two weeks. Together, these show that sellers, even including whales, used (and are still using) the small rally to grab profits.
The result was a muted breakout, as shown later while discussing the price action. SHIB did push above, but sellers quickly capped the move, leaving the bullish bark softer than expected. Without renewed whale inflows, momentum may remain weak. And the risk isn’t over yet.
The percent supply metric is still high week-on-week, with the Shiba Inu price sitting on over 4% in weekly gains. This pattern suggests another round of profit booking by retail investors and/or whales who are yet to offload their positions.
Shiba Inu Price Still Holds Breakout Structure, but Needs Fresh Fuel
Even with profit-hungry sellers muting the move, SHIB still trades outside its breakout structure (an ascending triangle), pushing past $0.00001253 in the first place. The key levels to break for the Shiba Inu price now are $0.00001352 and $0.00001473. A clean break above $0.00001597 would open the way for a stronger rally.
On the downside, failure to hold $0.00001253 and then $0.00001202 would risk deeper losses, silencing the already faint bullish bark. That could happen if whales continue to take out the remainder of their September 5 stash.
One signal keeping hope alive is money flow. The Money Flow Index (MFI), which measures whether buying pressure outweighs selling pressure, has started to move up. It has reached a new high, even as SHIB’s price increased marginally. This often hints at dip buying. Still, for conviction, the MFI must push above its late-July high.
Until then, the buying remains cautious, not aggressive, and a push past $0.00001352 would confirm some bullish momentum. Crossing that level cleanly would also qualify as a triangle breakout.
The post Sellers Mute Shiba Inu’s Bullish Bark, but One Hope Keeps Its Tail Wagging appeared first on BeInCrypto.