One of the most severe spikes in large-volume transfers in recent history occurred on Shiba Inu, where whale transaction activity recently increased by an astounding 248%. This degree of on-chain activity might appear to be a bullish comeback at first, but the background indicates otherwise. Big holders, also known as whales, are clearly moving significant amounts of money, as evidenced by the IntoTheBlock on-chain chart, which shows a noticeable increase in transactions worth between $1 million and $10 million. A spike like this would normally indicate accumulation. But things take a different turn when combined with price action. The price of SHIB has been declining gradually, and it currently huddles around the support at $0.00001217. With the 200 EMA standing far above as an uncontested resistance, the asset continues to trade below all of the major moving averages. There is not much momentum behind a recovery just yet, as indicated by the RSI's persistent weakness and its tenuous hold on neutral territory. Whale activity is high, but the price is plummeting, which is a stark contradiction. Large players may be selling rather than buying based on this discrepancy. With retail volume declining and technical indicators flashing bearish signals, these transactions may be exit liquidity. If support at $0.00001200 gives way, SHIB could fall into sub-$0.0001000 territory, which has not been seen since early 2024. Investor confidence would suffer a serious setback at that point. In summary, the rise in whale activity indicates that SHIB is still being watched, but it is by no means a bullish indication. These transactions could be the first indications of deeper distribution phases, the market is brittle and liquidity is limited. Investors should exercise extreme caution because even in cases where the chart is bleeding red, volume does not always indicate a buy.