Shiba Inu Market Cap Drops to $12.5 Billion Amid Increased Selling Pressure
Shiba Inu (#SHIB) is experiencing a decline in market cap, currently valued at $12.5 billion, as it faces competition from the newly launched Trump token with a market cap of $10.68 billion. Despite a 24-hour recovery of 4.26%, Shiba Inu struggles to maintain the $0.000020 mark.
Price Analysis
- Shiba Inu's price trend shows a bearish conclusion after a consolidation range between $0.00002114 and $0.00002433.
- A 10.71% drop occurred on Sunday, indicating a bearish breakdown.
- The MACD and RSI suggest increasing selling pressure.
- Failure to close above $0.00002114 could lead to further declines.
- Immediate support is at $0.00001608, representing a potential 25% downside risk.
Whale Activity
A 4-year-old Shiba Inu whale sold 216 billion tokens for 1,587 tokens (worth approximately $5.39 million) while still holding 38.4 billion SHIB valued at $832K, marking a profit of about 30,000% since February 2021.
Market Speculation
- Shiba Inu open interest increased by 2.60% to $447.77 million in 24 hours.
- Funding rate remains positive at 0.0093%, but there are more selling accounts than buying accounts.
- Speculations are rising amid volatility despite the increase in open interest.