Shiba Inu Hits 16-Month Low as Whale Holdings Drop 80%

Shiba Inu reached an intraday low of $0.000010 on Sunday, its lowest point in 16 months. The token has decreased by 14% since the start of June and is down 37% from its May high of $0.00001764. Whale wallets have diminished by about 80%, with futures open interest dropping to $123 million, a level last seen in early April.

Market Analysis

The coin appears to be forming a double bottom pattern, indicating a potential reversal.
It bounced off approximately $0.00001028 on April 7, climbing 70% to $0.00001765 by May 12.
Current support around $0.00001030 will be closely monitored for a repeat of this upward trend.
Recent tweets indicate a possible rebound of up to 62% if support holds.

Support Levels

For the double bottom to be confirmed, Shiba Inu must remain above $0.000010. It has already risen 7.7% to around $0.00001081. A sustained support could lead to a rally towards $0.00001752, close to last month's peak.

Investor Sentiment

Whale positions are down 80% from May highs, reflecting a cautious sentiment among large holders.
Declining open interest suggests reduced risk appetite among leveraged speculators.
Market sentiment may remain cautious until significant buying returns.

Community Response

Lucie, a marketing lead for the Shiba Inu ecosystem, urged the community to remain calm and patient. She emphasized that market fluctuations are expected and advised holding through downturns for potential future gains.

Investors should monitor price action, whale movements, and overall crypto market sentiment before making decisions. If Shiba Inu dips below the $0.000010 support, further declines could occur.