Shiba Inu Coin price has moved sideways this month, continuing a trend that has been going on in the past few weeks. SHIB token was trading at $0.00001295, a few points above its lowest level this month. This article explains what to expect now that whales have dumped over 15 billion tokens this month.
Shiba Inu Coin Price on Edge Amid Whale Selling
Whales are dumping their Shiba Inu coins following months of underperformance. Nansen data shows that whales now hold 32.11 billion Shiba Inu coins, down sharply from last month’s high of 43 billion. Their holdings have dropped to the lowest level in years.
The ongoing whale dumping has occurred as the number of tokens on exchanges has continued to rise in the past few days. There are now 283.36 trillion tokens in exchanges, up from this month’s low of 283.07 trillion. Rising exchange tokens mean that investors are selling their coins.
This performance is happening because Shiba Inu’s network is facing major headwinds. The burn rate has plunged, with the 24-hour figure standing at 69,963, which is equivalent to less than $1.
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Shibarium, intended to provide Shiba Inu with utility, has also imploded, with the total value locked (TVL) in the network falling by 13% in the last 30 days to $1.59 million. This is a tiny amount in an industry with over $300 billion in assets today.
Shiba Inu has become a fallen angel, such that no asset manager has filed for a spot SHIB ETF. Instead, some of them have filed for funds to track smaller tokens like Official Trump (TRUMP), Bonk, and Pudgy Penguins (PENGU).
SHIB Price Technical Analysis
The daily timeframe shows that the Shiba Inu Coin price remains under intense pressure today. It has moved below the Ichimoku cloud indicator, a sign that bears are in control for now.
Shiba Inu token has also plunged below the 50-day and 100-day Exponential Moving Averages (EMA). It has also formed a symmetrical triangle pattern whose two lines are about to converge.
Therefore, while a rebound is possible, these technicals suggest that the SHIB price is at risk of major downside in the coming days. If this happens, the coin may drop to the key support level at $0.00001010, its lowest level on June 22nd, which is about 20% below the current level.
The alternative scenario is where the SHIB coin price rebounds and retests the upper side of the triangle pattern at $0.00001525.
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