The latest data shows Shiba Inu recorded demand for whales worth only $84 million on November 18, marking a decline of $700 million within the previous seven days.
When whales reduce demand for an asset during a sector-wide rally it raises recession concerns for two key reasons.
First, whales often act as liquidity providers, ensuring price stability during periods of high trading activity. The $700 million decline in whale demand for Shiba Inu reflects a lack of market confidence, making SHIBs more vulnerable to sharp price fluctuations.
SHIB price is currently struggling to hold the support at $0.000025, any sudden selloff could increase downward pressure, potentially testing the support at $0.000020.
Secondly, the shift of whales’ attention towards assets such as Dogecoin and Solana Memcoins suggests a diversion of capital from Shiba Inu to competing tokens with higher perceived profitability.
Shiba Inu’s loss of market share to its rival Memes further strengthens the bearish outlook. If whales fail to resume trading, SHIB may struggle to regain bullish momentum, and consolidation around $0.000025 could effectively turn into a prolonged decline.
Shiba Inu Price Forecast: $0.0000023 Support at Risk
Over the past week, Shiba Inu price has consolidated within a narrow channel of $0.000023 – $0.0000025. However, a $700 million decline in whale demand now puts SHIB at risk of further decline.
In terms of short-term price projection, SHIB technical indicators are also indicating a possible decline towards $0.000023.
The Donchian Channel, calculated using the 20-day high and low, depicts a tight price range. SHIB price is currently hovering near the lower boundary of the channel, around $0.00002326. This signals a weakening of the bullish momentum as sellers test the lower end of this important range.
A close below $0.000023 could trigger additional selling, causing SHIB to retest its next support at $0.000020, which is aligned with the lower Donchian boundary from early November.