Shiba Inu’s 10% Slide Sparks Bearish Outlook amid Whale Sell-Offs

On Jan 20, 2025 at 2:37 pm UTC by · 3 mins read

Amid the rising market, Shiba Inu hit the reverse gear with a range breakdown. Will the SHIB prices drop 25% amid rising sell-off?

As the meme coin segment witnesses a surge in trading volume and speculations, Shiba Inu SHIB $0.000010 24h volatility: 0.1% Market cap: $5.82 B Vol. 24h: $129.11 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.

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.

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