Shiba Inu Price Drops Over 8% Amid Whale Selling Pressure
Shiba Inu's price has dropped over 8% in the past day as whale selling continued to weigh on the meme coin. According to CoinGecko data, SHIB traded around $0.00000466 at the time of writing, down about 8.4% over the past day.
The decline erased much of the rally that pushed SHIB as high as $0.00000537 before sellers regained control. On-chain data from Santiment indicates that large holders began taking profits as retail traders rushed into the rally.
Analysts at Santiment reported that SHIB's social dominance climbed to 0.084%, its highest level since April, suggesting retail interest accelerated as prices were already approaching their local peak. However, this surge in retail buying created enough liquidity for large holders to reduce their positions without immediately overwhelming exchange order books.
The ownership structure of Shiba Inu has also amplified the selling pressure. Data compiled by Etherscan shows that just 0.05% of wallets control 94.64% of the token supply, leaving price action heavily influenced by a small group of large holders.