- ShibaInu has dropped 28% from its May peak, with whales offloading over 30 trillion tokens and on-chain data signaling deepening bearish sentiment.
- Technical analysis points to further downside, with a potential drop toward the $0.000010 support level unless the price rebounds above key moving averages.
ShibaInu Whales Are Jumping Ship as the Token Hits New Lows
ShibaInu (SHIB) has plunged to $0.00001275 — its lowest level since May 9 — reflecting a sharp 28% drop from its recent peak. The memecoin momentum has weakened significantly as demand fades and long-suffering holders begin to cut their losses.
On-chain data paints a grim picture. Shiba Inu’s Network Realized Profit/Loss (NPL) remains in negative territory, meaning the average SHIB being moved is sold at a loss. This ongoing trend highlights deteriorating investor sentiment, especially among large holders.
Whales, who once held firm, are now retreating. Their collective holdings have dropped from 748 trillion SHIB tokens in January to just 718 trillion — a sign of capitulation. Meanwhile, SHIB’s supply on exchanges has steadily increased, hinting at mounting selling pressure from all investor classes.
Volume Vanishes as Rivals Dominate
Adding to the gloom, ShibaInu daily trading volume has dwindled to $141.8 million — a fraction of what rival meme coins are seeing. For context, Dogecoin logged $764 million, and PEPE took the lead with $1.08 billion in trading volume over the past 24 hours. The fading interest in SHIB suggests that traders are rotating out in search of more promising opportunities.
Technical Breakdown Signals Deeper Decline
The charts confirm the bearish momentum. SHIB recently broke below the lower edge of an ascending broadening wedge pattern and is now trading beneath both the 50-day and 100-day Exponential Moving Averages. This breakdown supports the case for further downside.
Though the Relative Strength Index (RSI) has not yet reached oversold levels, it continues trending lower, signaling the potential for more pain ahead.The next key support lies at $0.000010 — the low from April 7 — while any hopes of recovery hinge on a move above the 200-day EMA at $0.00001570.
Bearish Sentiment Grows, Eyes on $0.000010 Support
With whale sell-offs, falling volumes, and negative on-chain metrics, ShibaInu finds itself on shaky ground. Unless bulls can reclaim higher technical levels soon, SHIB may be poised for another leg downward, potentially testing the crucial $0.000010 support zone.
