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Shiba Inu ($SHIB) edged higher on Monday after rebounding from the crucial support level near $0.00000462.
The meme coin is showing early signs of improving demand from large wallet investors, while its derivatives market indicates that retail traders are increasing their exposure.
Rising Open Interest and funding rates support a mildly bullish near-term outlook.
However, $SHIB must overcome the $0.00000500–$0.00000506 resistance area to confirm that the latest rebound can develop into a broader recovery.
Are whales buying Shiba Inu again?
On-chain data indicates that large $SHIB holders, commonly known as whales, are gradually rebuilding their positions.
Santiment data shows that the largest non-exchange addresses held 533.41 trillion $SHIB on Sunday, up from 533.10 trillion on Tuesday.
The increase means these wallets accumulated approximately 310 billion tokens during the period.
At the same time, the amount of Shiba Inu held on cryptocurrency exchanges declined to 138.74 trillion $SHIB on Monday from Friday’s peak of 138.96 trillion.
Declining exchange balances are generally considered constructive because they reduce the supply readily available for sale.
When combined with growing non-exchange whale holdings, the movement suggests that large investors may be transferring $SHIB into private wallets for longer-term holding.
Whale transaction activity also increased toward the end of last week. Santiment recorded 10 $SHIB transactions worth more than $1 million each on Friday.
The spike indicates that large investors became more active as the price approached its key support area.
High-value transactions do not always represent purchases, as they can also involve sales or transfers between wallets.
However, the concurrent decline in exchange supply provides additional evidence that at least some of the activity may be accumulation.
Continued whale buying could support $SHIB’s recovery by absorbing available supply around current levels.
Speculative demand for Shiba Inu remains firm in the derivatives market. CoinGlass data shows that $SHIB futures Open Interest increased by roughly 4% over the past 24 hours to $31.71 million.
Rising Open Interest indicates that traders are opening new positions and committing additional capital to $SHIB futures.
When Open Interest rises alongside price, it can signal growing confidence in an upward move.
However, leveraged positions can also increase volatility and liquidation risks if the market reverses suddenly.
$SHIB’s funding rate climbed to 0.0100% on Monday from 0.0014% on Friday.
A positive funding rate means traders holding long positions are paying those holding shorts, indicating that bullish positions are becoming more popular.
The sharp increase suggests growing confidence among derivatives traders that Shiba Inu could extend its rebound.
Still, elevated funding rates can become a risk if bullish positioning grows too crowded, as this could leave the market vulnerable to a long squeeze.
For now, the combination of higher Open Interest and positive funding supports a mild bullish bias.
Shiba Inu price forecast: $SHIB forms potential double-bottom pattern
Shiba Inu’s intraday recovery from $0.00000462 is creating the early structure of a possible double-bottom reversal.
Buyers defending this level for a second time strengthen the possibility of a bullish reversal.
The potential pattern’s neckline is located around Tuesday’s high at $0.00000506. A decisive daily close above this level would confirm the double bottom and signal that buyers have regained greater control.
Until $SHIB clears the neckline, the pattern remains unconfirmed and the rebound vulnerable to another rejection.
The Relative Strength Index sits at 51, slightly above its neutral midpoint. This reading indicates that bullish momentum is beginning to recover but remains modest. A continued move higher would show strengthening buying pressure.
The Moving Average Convergence Divergence indicator presents a less favorable picture.
The MACD line remains below its signal line, while the bearish histogram is expanding despite both lines staying in positive territory.
This divergence between the RSI and MACD suggests that $SHIB’s recovery is still in its early stages and requires further confirmation.
A sustained move above the psychological resistance at $0.00000500 would improve $SHIB’s near-term outlook.
Buyers would then need to clear the double-bottom neckline at approximately $0.00000506.
A confirmed breakout could extend the recovery toward the 50% Fibonacci retracement at $0.00000538.
The $0.00000538 level is particularly important because it capped Shiba Inu’s recovery attempts in late July. Clearing it could strengthen bullish momentum and expose higher resistance levels.
On the downside, the $0.00000462 level remains the most important immediate support for Shiba Inu.
A decisive daily close below this price would invalidate the potential double-bottom pattern and weaken the recovery outlook.
Sellers could then target the Fibonacci anchor and previous swing low at $0.00000405.
For now, whale accumulation, declining exchange balances, and stronger derivatives demand support $SHIB’s rebound.
However, a close above $0.00000506 is required to confirm that the meme coin is beginning a more sustainable recovery.