Can Shiba Inu hold KEY support as whales dump 32B SHIB?

Bearish sentiment around Shiba Inu [SHIB] is intensifying, as whales and large holders continue to offload their positions.

This selling activity by major investors mirrors broader market trends, raising the likelihood that SHIB could extend its decline in the days ahead.

Data from Santiment shows that whales holding between 100,000 and 100 million SHIB have sold a combined 32.17 billion tokens since the 20th of January 2026.

This heavy selling has increased selling pressure and reinforced the meme coin’s downside move.

In addition, the derivatives analytics platform CoinGlass reveals that SHIB’s Futures Open Interest (OI) has continued to decline.

According to the data, the memecoin’s OI dropped from $145.56 million on the 6th of January 2026 to $96.69 million, as of writing

This significant drop in OI highlights waning market participant interest in the meme coin, further strengthening the bearish outlook.

SHIB price action and upcoming levels

At press time, SHIB declined by 3.50% and was trading at the $0.00000755 level. Meanwhile, market participation has surged over the past 24 hours, as reflected in trading volume, which jumped 16% to $105.88 million.

Rising trading volume alongside a price decline typically signals strong conviction among sellers, reinforcing the prevailing bearish trend.

Looking at the daily chart, SHIB appeared to be hovering near a key support level of $0.00000756, a level the asset has been holding since the 19th of January 2026.

Based on the current price action, if the trend continues and SHIB fails to hold this key support, it could see another price drop of 6.50% and potentially fall to the $0.0000070 level.

The 50-day Exponential Moving Average (EMA) remained above SHIB’s price, suggesting that the memecoin’s short-term sentiment is bearish.

Meanwhile, the momentum indicator Average Directional Index (ADX), which measures trend strength, stood at 24.44, below the key threshold of 25, indicating weak directional momentum.

Traders eye THIS short-leveraged level

Apart from price action and technical analysis, CoinGlass reveals that intraday traders are closely following the current trend.

According to the SHIB Exchange Liquidation Map, traders are heavily over-leveraged at $0.00000743 on the downside and $0.00000796 on the upside.

At these levels, traders have placed $257.70k worth of long-leveraged positions and $569.80k worth of short-leveraged positions, indicating a bearish outlook for the memecoin.

Final Thoughts 

• SHIB large holders have dumped over 32.17 billion SHIB tokens since the 20th of January 2026.
• Price action and derivatives data were reinforcing a bearish outlook, indicating that SHIB could see another 6% price decline if it fails to hold its key support level.