#لاتنسى_الصلاة_على_النبي #shiba⚡
The price of Shiba Inu has already dropped by 30% from its peak in May, and continued whale activity indicates the possibility of further selling this month.
The price of Shiba Inu (SHIB) has dropped from its May peak of $0.00001757 to $0.00001260, currently hovering at its lowest level since May 7.
On-chain data reveals that whales continued to offload their SHIB holdings this month - a sign that larger investors expect further declines.
Santiment data shows that token holders with between 100 million and 1 billion tokens own 17.96 trillion tokens, down from 19.5 trillion in the same period last year.
Similarly, holders of between 1 million and 100 million tokens have been selling aggressively. As a result, the ratio of stablecoin supply held by SHIB whales has dropped to 52.4%, after peaking this month at 56%.
Additional data shows that many of these investors are capitulating and selling at a loss. The network's realized profit/loss index (NRPL), closely monitored, has dropped to negative 1.04 million and has remained in the red for several consecutive days.
Shiba Inu Whale Activity
Shiba Inu Whale Activity | Source: Santiment
Whales may be exiting due to weak fundamentals. Notably, the consumption rate of Shiba Inu has dropped significantly in recent weeks, negatively affecting market sentiment.
Shibarium data also shows a sharp decline in network activity. The number of active accounts has dropped from 1045 on June 6 to just 172 today, while transaction fees fell from 1459 BONE on June 4 to 336 BONE on June 8. The decline in Shibarium activity is viewed as bearish, as fewer transactions are being converted to SHIB and burned.
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Technical analysis of Shiba Inu price
Price of Shiba Inu
SHIB Price Chart | Source: crypto.news
The daily chart shows that SHIB peaked at $0.00001757 on May 12 before dropping to $0.00001250.
The price movement has formed a series of lower lows and lower highs, resulting in the creation of a descending channel.
SHIB has also moved below the 50-day and 100-day moving averages, as well as the key pivot level and reversal level of the Mori Math lines.
The descending channel suggests a likelihood of continued decline, with key support at $0.00001043, its lowest level in April, representing a 17.80% drop from current levels. A move above the 50-day moving average at $0.00001361 would invalidate the bearish outlook.