Shiba Inu, the second-largest meme coin, has been on a rough path lately. Its price dropped by over 12% in the past week, but it’s still holding above the $0.00001260 mark. This has many SHIB supporters wondering could the worst is over, or if there is more trouble ahead.
One big reason SHIB’s price isn’t changing a lot is that there’s less interest in it. According to coinglass data, Shib Inu futures open interest has fallen to $166 million from $181 million last month.
This means fewer people are trading SHIB, and some are just cashing out or waiting to see what happens next.
On the other hand, Whale activity is also very low. Big investors aren’t buying or selling much SHIB these days. In the past week, the biggest transactions only added up to 3.14 trillion SHIB. That’s a lot less than what we used to see when everyone was excited about SHIB.
Even though confidence in SHIB is low, there’s a small sign of hope. The funding rate for SHIB has turned positive, which means some traders still believe it might bounce back.
Another reason SHIB is quiet is that its network, Shibarium, isn’t being used much yet. Right now, there’s only about $3 million locked in Shibarium. That’s very small compared to the $212 billion locked in the bigger DeFi world.
Right now, the SHIB price has been consolidating between $0.00001295 to $0.00001226. Although in the last 24 hours, there hasn’t been much change in trading volume, showing that buyers and sellers are at a standstill.
Looking at the SHIB price chart, it has been currently trading around the May month low. If it manages to bounce back, the price could climb and try to break the $0.000013 mark.
Meanwhile, the RSI indicator has dropped to 38.72, near the oversold zone. If things start to look better for the crypto market, SHIB might rise to $0.000015 soon. If optimism picks up, it could even reach $0.000020.
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