SHIB Price Slides After BitMEX Delisting, Can Whales Save the Rally?

Shiba Inu price has been under pressure this week, slipping below key technical levels while showing signs of muted momentum. Despite being one of the most traded meme tokens, SHIB is lagging behind the broader crypto market. And has lost -1.73% in the last 24 hours and -1.34% over the week.

The market cap is sitting at $7.73 billion and 24-hour trading volume has shrunk by more than 22% to $217.03 million. Successively, liquidity concerns and cooling sentiment have taken center stage. Yet, a massive whale transfer of nearly 1 trillion SHIB tokens, that’s worth an astonishing $13 million has injected a dose of speculation back into the conversation.

Shiba Inu Price Analysis

SHIB as I write this analysis is trading at $0.00001312, just above its daily low of $0.00001311. On the 4 hour chart, the token has repeatedly failed to hold above the $0.0000139 level, which aligns with the 200-day EMA. After 3 failed retests this week, the price has now dropped below all major moving averages except the 30-day SMA which is at $0.0000128. This repeated rejection signals strong seller dominance.

SHIB Price Slides After BitMEX Delisting, Can Whales Save the Rally?

Momentum indicators echo the weakness. The MACD histogram shows fading bullish momentum. This is while the RSI is sitting at 43.33, which reflects neutral-to-bearish sentiment. Bollinger Bands show price testing the mid-band, with risks of further downside toward support at $0.00001260. It is worth noting that a deeper slide could see SHIB price testing the next floor at $0.00001164, while resistance lies overhead at $0.00001359 and $0.00001440.

Whale Moves and Delisting Shape Sentiments

Beyond technicals, external factors have weighed heavily on SHIB. The BitMEX delisting of SHIB perpetual contracts reduced derivatives liquidity. This makes it harder for traders to speculate on leveraged positions. At the same time, whale activity has remained rather still, large transactions (>$100k) have dropped 88% since mid-June. According to IntoTheBlock, the daily volume of such trades sits at just $23.36 million.

However, not all signals are bearish. On September 4, exchange outflows hit 5.3 billion SHIB, suggesting coins were moved into cold storage. That being said, long-term holders seem unwilling to panic-sell. The latest whale move, of nearly 1 trillion SHIB transferred, adds intrigue, hinting at accumulation and sparking speculation.