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Data from CoinGlass shows a significant imbalance has gripped the Shiba Inu (SHIB) futures market, with long liquidations surging 8,972% above short positions in just 12 hours.
In raw numbers, approximately $18,710 in longs were neutralized, compared to a nominal $208.85 in shorts. When things are this skewed, it usually means two things: the market is one-sided and not a lot of buyers are feeling confident.
From a technical perspective, SHIB has confirmed a bearish "death cross," as the 23-day moving average moved below the 50-day average. This pattern often acts as a precursor to a deeper price discovery.
SHIB is currently trading at $0.00000665, positioned precariously near a critical support zone at $0.00000667. A failure to hold this level could lead to a move into lower-liquidity regions where price floors are pretty vague.
Wintermute CEO is "somehow optimistic"
The general feeling on crypto reflects these challenges. Evgeny Gaevoy, CEO of institutional market maker Wintermute, for SHIB too, remarked today that current token designs — including buybacks and lockup mechanics — are "broken" in their execution.
But there is a bright side to this, according to Gavoy. When "tourists" leave and the market gets excited, it is usually a sign that things are shifting into a "builder" phase. And that is exactly what we need for the industry to stay healthy in the long run.
For SHIB, the immediate outlook depends on whether the remaining holder base can absorb mounting selling pressure. Should the Shiba Inu coin drop below current support, it would trigger a secondary wave of liquidations, testing how much interest is actually left in SHIB.
Gamza Khanzadaev
Caroline Amosun
Denys Serhiichuk
Tomiwabold Olajide