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According to CoinMarketCap data, an eye-catching 15.05 trillion SHIB has changed hands in the last 24 hours, marking a 61% surge in volumes.
Despite the surge in trading volume, SHIB’s price has taken a hit, dropping 6.52% in the past 24 hours to $0.00001055 and down 12% on the week. The drop comes amid a broader market-wide sell-off, with over $701 million in liquidations reported across the crypto space.
Fresh uncertainty had rattled global markets, sending cryptocurrencies into a tailspin. In the last 24 hours, 175,725 traders were liquidated, with $618 million of that total related to long bets that speculated on rising prices.
Shiba Inu has steadily decreased since its June 11 high of $0.00001362, with 11 out of 12 days in red, including today's loss.
The recent drop has pushed SHIB closer to crucial support levels, where buyers may attempt to reenter. SHIB's price hit intraday lows of $0.00001028, where it saw a rebound in April. The daily RSI has also dipped below oversold levels, implying that a rebound or at least a relief rally is possible in the coming sessions.
Is SHIB reversal imminent?
On-chain metrics and whale tracking platforms have also observed increased movement from large holders, fueling speculation that a reversal could be on the horizon as whales position themselves for a major move.
Shiba Inu large holder inflows have increased by 1,048% in seven days, following a dramatic surge on June 16 to 15.05 trillion SHIB, a seven-day and six-month high, respectively.
However, caution is still the name of the game. Broader market weakness and continued sell-offs across altcoins could delay any recovery attempts; $0.00001000 remains a critical level that could spark a technical rebound.
A decisive break above the daily moving averages of 50 and 200 at $0.0000134 and $0.0000163 would signal a bullish reversal and the start of a new uptrend for Shiba Inu.
For now, the crypto community is watching closely. With over 15 trillion tokens traded in a single day, momentum is certainly growing. The question is, which way will it break?
Dan Burgin
Vladislav Sopov
U.Today Editorial Team