Shiba Inu holds a $12.5 billion market cap as the second-largest meme coin, with the Trump token close at $10.68 billion.
A 4-year-old whale sold 216 billion Shiba Inu tokens, locking in a $15 million profit.
Shiba Inu’s open interest rose by 2.60% in 24 hours, totaling $447.77 million.
Funding rates remain positive at 0.0093%, while the long-to-short ratio indicates higher selling pressure.
As the meme coin segment witnesses a surge in trading volume and speculations, Shiba Inu SHIB$0.00001724h volatility:7.3%Market cap:$9.85 BVol. 24h:$400.09 M
is witnessing a downfall. As the market focuses on the newly launched Donald Trump’s family coins, Shiba Inu registers a significant downfall in its market cap. Currently, it is ranked as the second biggest meme coin in the segment with a $12.5 billion valuation.
Shiba Ina faces tough competition from the newly launched official Trump token that has gained a market cap of $10.68 billion. With a 24-hour recovery of 4.26%, Shiba Inu struggles to hold on to the $0.000020 psychological mark.
Will the increasing pressure over the vintage meme coins result in a crash this week? Let’s find out.
Shiba Inu Price Analysis
In the daily chart, the Shiba Inu price trend reveals a bearish conclusion to the sideways consolidation range. The consolidation range consisted between $0.00002114 support level and the overhead ceiling at $0.00002433.
With a downfall of 10.71% on Sunday, a bearish breakdown occurred. Hence, the intraday recovery comes as a potential retest of the range breakout.
Supporting the downside senses, the MACD and signal lines are on the verge of giving a negative crossover. Furthermore, the daily RSI line fails to sustain dominance above the halfway level, reflecting massive overhead selling pressure.
Hence, technical indicators are maintaining a negative outlook for SHIB. Based on the price action analysis, the bearish breakdown of the consolidation range will continue if Shiba Inu fails to record a closing price above the $0.00002114 support level.
In case of a bearish continuation, the immediate support for SHIB lies at $0.00001608. This marks a downside risk of nearly 25% from the current market price.
On a positive note, if the buyers regain momentum, a consolidation below $0.00002433 could continue. Amid the increasing selling pressure, the Shiba Inu whales are swapping for the newly launched tokens.
4-year Old Whale Locks Out
Amid the recent sell-off, a 4-year-old Shiba Inu whale, 0x3de, has sold 216 billion Shiba Inu tokens for 1587 tokens. This whale acquired 664.22 billion Shiba Inu tokens for just 4.51K in February 2021.
Early #memecoin holders are cashing out as #Trump’s newly launched tokens shake up the market!
1/ 4-year-old $SHIB whale "0x3de" sold 216B $SHIB for 1,587 $ETH ($5.39M) ~3 hours ago.
After the recent sell-off, the whale continues to hold onto the 38.4 billion SHIB worth $832K. With $15 million in profit, approximately 30,000%, this whale is gradually offloading its Shiba Inu tokens.
Speculations Surge amid Rising Volatility
As the price volatility grows intense, the speculations in the derivatives market are on the rise. The Shiba Inu open interest has increased by 2.60% over the past 24 hours to reach $447.77 million.
With the surge in open interest, the funding rate remains positive at 0.0093%. However, the long-to-short ratio reveals a greater number of selling accounts.
Thus, the speculations are on the rise as the number of selling accounts grows despite the surge in open interest and funding rates. Furthermore, the surge in funding rate reveals a lesser number of bullish accounts paying the extra premium to hold onto the bullish positions.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.