- SHIB’s open interest dropped below $80M, last seen in January 2025 before a major price surge.
- Trading volume is now below $200M, a level that preceded past 40% SHIB rallies.
- SHIB wallet addresses increased to 1.54M despite market pressure, showing steady holder growth.
Shiba Inu (SHIB) is currently trading at $0.000009951, according to Coingecko. This price is 88.53% below its all-time high of $0.00008616. Despite this drop, the token is still up over 17 million percent from its all-time low of $0.00000000005637.
A recent decline in open interest and daily volume suggests SHIB may be near a potential bottom. Open interest, which tracks the number of active contracts, has dropped below $80 million. This level was last seen in January 2025, just before SHIB experienced a sharp rise in price.
Trading volume has also declined. It is now below $200 million, a level that in previous instances marked the end of price drops and the beginning of upward trends. If this pattern repeats, SHIB could be set for a possible recovery.
Wallet Growth Shows Continued Investor Interest
Despite price pressure, the number of wallets holding Shiba Inu continues to increase. According to Etherscan, the number of SHIB holders reached 1,546,786. This marks a 0.01% daily growth, reflecting steady participation from both new and existing investors.
Market analysts view this wallet growth as a sign of continued belief in the project’s goals. One source stated, “The Shiba Inu ecosystem has strong momentum,” pointing to the community’s resilience amid a broader market downturn.
This growth comes as SHIB remains below the $0.00001 mark since October 10, showing price challenges. Yet, technical analysts suggest a breakout may be forming. A descending resistance line has been broken, and the token is consolidating near support.
Technical Patterns Hint at a Possible Recovery
An analysis by Shib Spain noted that Shiba Inu may be preparing for an upward breakout. The current price structure shows consolidation above a strong support level. This is usually seen before a rally.
According to the report, SHIB could rise to $0.000012000 if momentum continues. This would represent a gain of nearly 40% from current levels. The token’s pattern matches earlier market cycles where similar conditions led to fast price recoveries.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
