It seems that Shiba Inu has not had a good time this week either. The SHIB price has fallen around 0.65% during the last 24 hours and about 8% during the last seven days, making it one of the underperformers out of all the main meme tokens.
What is intriguing is that there does not seem to be any disaster with regard to SHIB. What we’re seeing looks much more like a broader altcoin sell-off, and that means the weakness could fade fairly quickly if market sentiment improves.
What you'll learn 👉
The Real Reason SHIB Dropped
However, the most significant factor seems to be the broader trend away from high-risk cryptos. The Altcoin Season Index on CoinMarketCap fell to 36, marking an almost 2.7% drop in just one day, a signal that funds have been leaving altcoins.
On the other hand, Bitcoin dominance remained at about 59%, while crypto trading volumes have dropped by almost 38%. When the market starts acting carefully, meme coins are always the first to suffer.
🚨 Shiba Inu’da borsa rezervi 87,5 trilyon SHIB seviyesinde kaldı.
— COINTURK (@CointurkMedia) August 9, 2026
📉 Son 24 saatte net akış eksi 159,4 milyar token oldu ve $SHIB için çıkışlar öne geçti.
📊 Ağ işlemleri ve aktif adresler sınırlı artış gösterdi.
🧭 Fiyatta kalıcı toparlanma için 0.0000050 dolar eşiği…
Another thing holding the SHIB price back is the sheer amount of tokens still sitting on exchanges. CoinTurk media reported that exchange reserves remain around 87.5 trillion SHIB, which is a lot of potential sell-side supply.
We examined the most recent exchange flow statistics, and the pattern is very interesting. More than 150 billion SHIB coins have been entering the exchanges, and this trend matched the move towards the area of $0.00000495. After the inflows had ceased, the price moved back down towards the area of $0.00000460.
The more positive pattern was seen after that time frame. The netflows were negative on August 8 and August 9. Netflows of 100 billion SHIB tokens were exiting exchanges on one day, followed by a similar netflow of 80 billion SHIB tokens out of exchanges on the other day.
What the SHIB Chart Is Saying
We also looked into the SHIB chart, and it’s obvious that the rally seen in late July between the price range of $0.00000400 and $0.00000600 lost its impetus. After reaching the mentioned level, the SHIB price has been moving lower.
At present, the important level to note would be the descending resistance line at the level of $0.00000470. The current SHIB price is $0.00000462. Momentum indicators are still weak, as the RSI sits near 39, which is below neutral and approaching the oversold level. This appears bearish, but the volume has dried up while price moved lower. In such a case, the price move on weak volume signals weakness among sellers.
Why the SHIB Price Could Reverse Soon
In order for the bearish case to be reinforced, the price of SHIB must be trading lower than the support level of $0.00000455-$0.00000457. This scenario would see traders eyeing $0.00000450, followed by the levels seen prior to the rally around $0.00000400.
The bullish scenario is straightforward. If buyers can push the SHIB price back above $0.00000470 and volume picks up, the next target is $0.00000500. That level matters because many traders are treating it as the point that would confirm a stronger recovery.
So today’s sell-off doesn’t look like a fresh collapse. It looks more like a continuation of the broader altcoin pullback. With exchange outflows increasing and selling volume fading, the SHIB price still has a reasonable chance of bouncing if buyers continue defending the current support zone.
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