Are Whales Ready to Sell Shiba Inu? Soaring Exchange Holdings Warn of Selling Pressure

▲ Shiba Inu (SHIB)/ChatGPT generated image ©

As Shiba Inu (SHIB) once again approaches the 82 trillion SHIB threshold in centralized exchange holdings, a warning of selling pressure has been triggered for its short-term price movement. Since the amount accumulated on exchanges is interpreted as readily available supply for sale, an analysis suggests that Shiba Inu, which had recently attempted a rebound, could face strong resistance again.

According to U.Today on May 16 (local time), recent exchange holding and net inflow data showed that centralized exchanges held approximately 81.9 trillion SHIB to 82.3 trillion SHIB of Shiba Inu. This figure was presented as an indication that the supply structure is approaching a crucial inflection point again after several months of irregular outflows and accumulation.

An increase in exchange holdings is generally seen in the market as a sign of expanding selling pressure. This is because investors or whales often send assets to exchanges when moving liquidity, reducing exposure, or preparing to realize profits. U.Today reported that in the past, when Shiba Inu surpassed the 82 trillion SHIB range, there were instances where low price momentum and strong distribution trends occurred simultaneously.

However, it is difficult to view this trend as merely a bearish signal. Significant outflows from exchanges have also been observed in recent weeks, and the net inflow indicator for exchanges also shows irregular patterns. Some analyses interpret this as long-term holders still continuing to accumulate, while others see the return to the 82 trillion SHIB range as evidence that sellers are regaining dominance in the short-term market structure.

Chart trends also reflect uncertainty. After experiencing a significant decline for several months, Shiba Inu formed a rounded accumulation base in March and April, then created an ascending triangle structure with horizontal resistance at $0.0000064-$0.0000065 and an upward support line near $0.0000060. However, its recent attempt to break out could not be sustained, and it fell back below the resistance, revealing that buying pressure is not yet strong enough to push the market higher.

The Relative Strength Index remains in neutral territory, not falling into the oversold zone, and Shiba Inu is trading above the ascending support trendline and the 20-day moving average. This was interpreted to mean that the upward momentum is closer to a cooling phase rather than being completely broken. However, as the available supply of over 82 trillion SHIB on exchanges remains a burden, strong selling pressure could recur with every rebound if demand does not clearly increase.

If Shiba Inu clearly breaks above $0.0000065, an upward path could open up to around $0.0000075, where the 200-day moving average is located. Conversely, if it fails to defend the support level near $0.0000060, the current bullish structure will be invalidated, and Shiba Inu is more likely to be exposed to a prolonged sideways trend again.

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