SHIB Price Crashes 8% Amid Whale Selling Pressure
The price of Shiba Inu (SHIB) has dropped over 8% in the past 24 hours, fueled by whale selling following a brief rally. According to CoinGecko data, SHIB traded around $0.00000466 at the time of writing, down about 8.4% over the past day.
Large holders began taking profits as retail traders rushed into the rally, according to on-chain data from Santiment. The firm reported that SHIB's social dominance climbed to 0.084%, its highest level since April, indicating retail interest accelerated as prices were already approaching their local peak.
The surge in retail buying created enough liquidity for large holders to reduce their positions without immediately overwhelming exchange order books. However, the ownership structure of Shiba Inu has amplified the selling pressure, with just 0.05% of wallets controlling 94.64% of the token supply.
The latest selloff has followed the same pattern, with the rally fading soon after large transactions accelerated. The recent weakness has also come as the wider cryptocurrency market has remained volatile, with SHIB continuing to trade with strong correlation to Bitcoin.