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During the most recent market downturn, Shiba Inu has suffered greatly, and the data presents a depressing picture: only 5% of SHIB holders are currently making money. Investor sentiment is rapidly deteriorating as the meme coin trades around $0.0000107, and the charts do not provide much short-term respite. As the asset drops below significant support levels, SHIB's price performance keeps getting worse.
The chart makes it evident that SHIB is in a very vulnerable position due to the current downtrend. A surge of selling pressure has caused the asset to break below its $0.000012 support, moving it closer to the next significant level at $0.000010. Data from on-chain further demonstrates how serious the situation is. Over 90% of addresses holding SHIB are currently underwater, with only 5.7% in the green and 4.12% at breakeven, according to IntoTheBlock's Global In/Out of the Money chart.
These out of the money positions are so large that they put holders under tremendous psychological strain, and many of them may panic-sell at the slightest indication of weakness. A bearish picture is also painted by inflow and outflow metrics for large holders. Outflows have plummeted by an astounding 80%, while inflows have fallen by more than 63% in just the last seven days.
Godfrey BenjaminThis implies that whales are not buying the dip; rather, they are reducing their exposure or staying out of the market, which restricts SHIB's ability to recover. In the meantime, there is still worry about the relationship between SHIB's price and overall market sentiment. The bearish outlook is being exacerbated by the ongoing correction on the cryptocurrency market, which is being exacerbated by macroeconomic uncertainty and a risk-off attitude brought on by worries about the existing trade war.
Alex DovbnyaSHIB might keep declining and possibly wiping out more value unless there is a major infusion of fresh money or bullish momentum soon. Now, the crucial question is whether SHIB can recover the $0.000012 threshold, which would restore technical strength and give the 90% of holders who are currently out of the money some hope. The state of affairs at SHIB is still unstable until then.
Vladislav Sopov
Dan Burgin