Shiba Inu (SHIB) saw its price edge higher on Monday, bouncing from a crucial support level near $0.00000462. The move attracted renewed attention from large holders as well as retail investors, with indicators pointing to stronger demand across both on-chain and derivatives markets.
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AAPLWhales expand SHIB holdings as exchange supply drops
Large SHIB holders, commonly known as whales, have gradually rebuilt their positions in recent days. Data from the blockchain analytics platform Santiment showed that the largest non-exchange SHIB wallets held 533.41 trillion tokens on Sunday, up from 533.10 trillion on Tuesday.
This accumulation of approximately 310 billion SHIB suggests that whales are increasingly transferring tokens to private wallets, signaling confidence in the asset’s long-term prospects.
Simultaneously, SHIB balances on cryptocurrency exchanges declined to 138.74 trillion on Monday, down from a peak of 138.96 trillion on Friday. Lower exchange balances are generally viewed as a constructive sign, as they indicate less supply is available for immediate sale.
Combined, the increase in non-exchange balances and the drop in exchange holdings suggest that large investors may be shifting focus to longer-term accumulation rather than short-term trading.
Santiment also recorded a marked rise in whale transaction activity at the end of last week, with 10 SHIB movements exceeding $1 million each on Friday. While large-value transactions can involve sales or internal transfers, ongoing declines in exchange supply provide some evidence that accumulation, not distribution, is taking place.
When large holders move SHIB into private wallets and overall exchange supply decreases, this can point to stronger conviction among whales that Shiba Inu will recover from current levels.
Continued whale buying could absorb available supply and help maintain SHIB’s rebound around current support areas.
Derivatives market points to growing bullish sentiment
Speculative demand for SHIB remains robust in the futures market. CoinGlass data indicated that SHIB futures Open Interest increased by 4% over the last 24 hours, reaching $31.71 million. Rising Open Interest typically reflects traders opening new positions and allocating more capital to the asset, potentially signaling growing confidence in an upward move.
Meanwhile, SHIB’s funding rate jumped to 0.0100% on Monday from 0.0014% on Friday. A positive funding rate means long positions are paying shorts, indicating bullish positioning is growing more popular among derivatives traders.
While such an increase in funding rates highlights positive sentiment, excessive bullishness can leave the market at risk of a long squeeze if trends reverse swiftly.
For now, the mix of higher Open Interest and positive funding supports a mildly bullish near-term outlook for SHIB.
Mini dictionary: Open Interest refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled. A higher Open Interest indicates greater market participation and liquidity.
SHIB price outlook: Double-bottom in focus, key resistance and support levels
Shiba Inu’s intraday reversal from $0.00000462 has begun to form an early structure of a possible double-bottom pattern, a bullish formation that marks the defense of a key support area for the second time. The neckline of this pattern sits at $0.00000506, Tuesday’s high.
A decisive daily close above $0.00000506 would confirm the double bottom and increase the likelihood of an extended recovery. However, until that level is cleared, the pattern remains unconfirmed and any gains are vulnerable to reversal.
Momentum indicators are mixed. The Relative Strength Index (RSI) has edged higher to 51, just above its neutral midpoint, indicating early signs of recovering bullish momentum. However, the Moving Average Convergence Divergence (MACD) line remains below its signal, and the bearish histogram is expanding — signaling ongoing caution.
If SHIB surpasses $0.00000506, the next key target is the 50% Fibonacci retracement at $0.00000538. This level acted as resistance during price recoveries in late July; a break above could intensify buying activity and potentially lift SHIB toward higher resistance.
| Level | Significance |
|---|---|
| $0.00000462 | Immediate support, double bottom base |
| $0.00000506 | Double bottom neckline, key resistance |
| $0.00000538 | 50% Fibonacci retracement, late July high |
| $0.00000405 | Fibonacci anchor, previous swing low |
A move below $0.00000462 would invalidate the potential bullish pattern, increasing downside risk toward $0.00000405. As long as whales continue accumulating and derivatives traders stay active, SHIB may retain a mild recovery bias, but further confirmation above $0.00000506 is needed to suggest a more sustainable uptrend.
Momentum indicators are sending mixed signals, highlighting the need for a confirmed breakout above $0.00000506 to strengthen SHIB’s bullish case.
