Shiba Inu (SHIB) Faces Sell Pressure as Whale Outflows Spike Despite Shibarium Surpassing 1.2 Billion Transactions

Shiba Inu’s layer-2 blockchain, Shibarium, continues to demonstrate strong long-term ecosystem growth, recently surpassing 1.2 billion transactions just five weeks after hitting the 1 billion mark. However, key on-chain activity metrics are showing signs of a downturn. Daily transaction counts have dropped below 100,000 since May 27, marking the lowest levels in several months. At the same time, major SHIB holders (’whales’) have increased outflows significantly, moving nearly 2.94 trillion SHIB tokens in just 24 hours—a 992% surge, and the largest outflow since March. This substantial shift indicates possible large-scale selling or exit preparation. SHIB’s burn rate has also slowed, further reducing the potential for supply-driven price support. On-chain data offers mixed signals: while negative exchange netflows suggest investors are moving SHIB off centralized platforms—often seen as bullish—declining network activity, lower new contract creation, and increased whale outflows are weighing on sentiment. Recently, SHIB has recorded a 2.3% drop in price over 24 hours and an 11% slide in the past week, primarily driven by these elevated outflows and contracting network activity. Technical indicators like the Relative Strength Index (RSI) are hovering near oversold levels, hinting at possible short-term rebounds, but sustained whale movements and transaction volume trends point to the risk of continued price pressure. Crypto traders should closely monitor Shibarium’s user engagement, SHIB’s burn rate, and especially large wallet outflows as these will likely dictate short- to medium-term price direction.