TLDR
- SHIB whale inflows surged 6,306% following Shibarium upgrades with multi-gas token support
- Token burns increased 1,499% with over 1.19 billion SHIB burned in the past week
- Price holds crucial $0.000011 support level after 15% weekly decline to seven-day low
- Technical indicators show oversold conditions with RSI near 35.7 suggesting potential reversal
- Futures open interest dropped to $134 million, lowest in two months, potentially signaling breakout setup
Shiba Inu has experienced a turbulent week with mixed signals emerging across technical and fundamental metrics. The meme cryptocurrency recently touched a weekly low of $0.00001157 before stabilizing around current levels.
The token shed nearly 15% over the past seven days. This decline came during broader market weakness and geopolitical tensions affecting investor sentiment.
SHIB currently trades near $0.00001160. The price action has tested a key support zone at $0.0000102, a level not seen since April.
Whale activity has surged dramatically following recent network upgrades. Large holder inflows jumped 6,306% after Shibarium introduced multi-gas token support and smart contract enhancements.
Futures volumes spiked past $147.27 million, primarily from Gate.io. This influx suggests renewed confidence among sophisticated traders repositioning their holdings.
Token Burns Accelerate Despite Price Decline
Token burning activity has intensified across the Shiba Inu ecosystem. Over 1.19 billion SHIB tokens were burned in the past week, marking a 1,499% increase.
Daily burns soared by 958% in the past 24 hours. This aggressive burn momentum reflects heightened on-chain activity and trading volume.
SHIB’s daily circulation spiked to 494.8 billion tokens. The increased velocity indicates higher speculative demand and arbitrage activity.
However, recent data shows burn rates have cooled. Only 19 million tokens were burned in the most recent 24-hour period, well below previous highs.
Over 410 trillion SHIB tokens have been burned to date. This represents the community’s long-term commitment to the deflationary mechanism.
The NVT ratio has climbed to 1,194, its highest level in months. This metric compares market cap to transaction volume and suggests potential overvaluation concerns.
Technical Setup Points to Potential Reversal
Technical indicators are beginning to shift in favor of buyers. The Relative Strength Index on the daily chart has dropped to 35.7, approaching oversold territory.
Analysts have identified a bullish double-bottom pattern forming on the charts. The pattern’s lower base sits around $0.00001030 with a neckline at approximately $0.00001765.
A successful breakout above the neckline could deliver 70% upside from current levels. The falling wedge formation also suggests potential bullish reversal momentum.
The Elder-Ray Index currently sits below zero at -0.0000011, indicating bearish pressure remains. However, any shift upward would support renewed buyer strength.
For meaningful recovery, SHIB must overcome resistance at $0.00001189. This level has rejected several intraday breakout attempts with decent volume needed for confirmation.
A clean break above this barrier would open the path to $0.0000122 in the near term. Conversely, a drop below $0.0000102 support could push prices toward $0.00000939 or lower.
Network growth has declined to just 476 new addresses despite rising whale flows. This divergence between speculative interest and new user adoption presents sustainability concerns.
Futures open interest has fallen from $272 million in April to $134 million currently. This represents the lowest level in two months and reduced speculative positioning.
Low open interest combined with rising funding rates may act as a contrarian bullish indicator. Sharp price breakouts historically occur after drops in open interest as markets reset.
