SHIB Falls 6% as Bears Take Charge, But Bulls Eye Hope in Reversal Candle

SHIB Drops 6% Amid Whale Activity, But Bullish Candlestick Signals Potential Turnaround

Shiba Inu (SHIB) declined sharply over the past 24 hours, shedding 6% as broader crypto markets came under pressure from macroeconomic headwinds, including renewed U.S. tariff threats and a stronger dollar. The memecoin fell from $0.000013 to $0.000012 — its lowest level since early July.

The selloff coincided with a notable rise in exchange-held SHIB, which climbed to 84.9 trillion tokens on July 28, signaling potential distribution by large holders. Despite this, net accumulation remained robust at 4.66 trillion SHIB, or roughly $63.7 million, according to CoinDesk’s market intelligence dashboard.

Meanwhile, SHIB’s burn rate surged 16,700% in 24 hours, with over 602 million tokens removed from circulation through coordinated burns, highlighting continued community-led supply reduction efforts.

Key Technical Developments:

• The token broke below key support at $0.000013 on elevated volume.
• A base has formed at $0.000012, where more than 1.19 trillion SHIB were absorbed.
• Trading volume spiked to 90.5 billion tokens, aiding a modest recovery late in the session.

Inverted Hammer Offers Bulls a Glimmer of Hope

Despite the bearish momentum, the emergence of an inverted hammer candlestick in July suggests that a bullish reversal may be taking shape. The pattern — characterized by a long upper wick and small real body — often signals that buyers are attempting to regain control following a downtrend.

However, confirmation is key. If SHIB breaks below the July low of $0.00001108, the bullish pattern would be invalidated, and further downside could follow.