As the crypto market faces corrections, the Shiba Inu price has dropped below the $0.000015 mark on Feb 3, marking its lowest level in five months since September 2024. On-chain data indicates that whale investors are actively accumulating during the dip. This buying pressure could influence SHIB’s price movement in the coming week.
Shiba Inu Price Plunges 30% Amid Weekend Sell-off
Shiba Inu (SHIB) price stabilized at $0.000014 on Monday, February 2, following a sharp 32% decline over the weekend. This marks SHIB’s lowest price in five months, dating back to September 2024. The sudden downturn comes amid broader market instability fueled by the latest trade war developments involving Trump-led tariffs on China, Mexico, and Canada.
Macroeconomic concerns have triggered a wave of risk-off sentiment, prompting investors to offload speculative assets, particularly low-liquidity altcoins like SHIB.
Social media reports suggest that U.S. consumers are preparing for inflation-driven price hikes. In response, investors appear to be shifting capital away from volatile memecoins in favor of more stable assets.
Interestingly, SHIB price has been hit harder than other major altcoins, with its 30% decline surpassing losses seen in Solana (SOL), Chainlink (LINK), and Avalanche (AVAX), which remained under 20%. This suggests that SHIB’s downturn is not solely tied to macroeconomic events but rather a result of multiple pre-existing bearish catalysts that were already weighing on the token before the latest market-wide sell-off.
Whales Back in Action as Large Transactions Jump to 4.3 Trillion
While the market sentiment remains overwhelmingly bearish, whale investors appear to be making strategic moves amid the dip.
One key indicator pointing to this is the sharp increase in Large Transactions, a metric tracked by blockchain data analytics platform, IntoTheBlock, monitoring transfers from wallets holding at least 0.1% of SHIB’s total circulating supply. These transactions often serve as a proxy for spotting odd whale activity, as large holders react to significant market events.
As shown in the chart, SHIB’s Large Transactions volume stood at just 1.5 trillion on January 31. However, as SHIB’s price plummeted 32% over the weekend, this figure surged to 4.3 trillion SHIB by the end of February 2.
This nearly 200% increase in whale transaction volume suggests that institutional and large-scale investors may be capitalizing on the price dip to accumulate more SHIB at lower prices.
Historically, spikes in whale accumulation during price crashes have acted as a stabilizing factor for SHIB, as these high-volume transactions absorb excess selling pressure. If this trend continues, we could see SHIB’s price finding support around the $0.000014 level, preventing further declines.
Shiba Inu Price Forecast: $0.000010 breakdown signals emerge despite whale Support
Shiba Inu has been one of the biggest losers in the current market correction, with a 32% weekend decline bringing its price to a five-month low. While macroeconomic fears and retail capitulation have contributed to the sell-off, whale investors have significantly increased their accumulation, signaling potential price stabilization.
In this bullish Shiba Inu price forecast scenario, Elliott Wave analysis suggests SHIB could be completing a corrective ABC pattern, with the latest drop marking the end of Wave C. This phase often precedes a new impulsive wave to the upside, particularly if whale accumulation sustains.
The recent low near $0.000013 aligns with a major support zone, historically serving as a reversal point. If SHIB manages to reclaim $0.000015, bullish momentum could build, potentially driving a breakout toward $0.000018 in the short term.
The MACD histogram, while still negative, is showing early signs of bearish momentum exhaustion, with the signal line curving upward. This suggests that selling pressure might be fading, and a bullish crossover could occur if SHIB stabilizes above key moving averages.
Key Levels To Watch
Nonetheless, SHIB remains vulnerable to further downside risks, particularly if U.S. trade tensions escalate further or broader crypto market sentiment deteriorates. Traders should closely monitor whale transaction trends and key support levels, such as $0.000014 and $0.000013, for potential signs of recovery or further breakdown.
If the bearish narrative plays out, SHIB’s price action could extend losses below $0.000013, confirming a deeper Wave C breakdown.
The 30% drop over the past two days signals a severe bearish impulse, and failure to hold $0.000012 could open the door for further declines toward $0.000010. The MACD’s negative trajectory and widening histogram bars reinforce the risk of continued selling pressure, suggesting weak demand despite whale accumulation.
Moreover, a breach below $0.000010 would invalidate the potential for an immediate bullish reversal, exposing SHIB to a prolonged downtrend. In this case, traders should watch the $0.0000095 level as the last line of defense before capitulation accelerates. Without a steady inflow of new demand, SHIB could enter an extended consolidation phase.
The post Shiba Inu Price Fluctuates as 4.3T SHIB Moves; Are Whales Bullish? appeared first on CoinGape.
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