Shiba Inu continues its downward trend, marking its fourth consecutive trading day of decline. On June 5, it dropped 7.5% in a single day, falling to $0.0000048 and breaking below the low established in September 2021. Trading volume did not contract in tandem; instead, the 24-hour volume rose to $146 million, indicating that market activity remains intense.
Breaks below the key support level
From the chart, after SHIB lost support at $0.0000053, it further declined below the historical low region of $0.0000051, continuing to face downward pressure in the short term. Market observations cited in the article suggest that selling pressure will remain difficult to significantly ease unless the price reclaiming above $0.0000053.
Derivatives sentiment has turned bearish.
CoinGlass data shows that SHIB’s weighted funding rate has dropped to -0.0114%, indicating that short positions are currently more active and willing to pay costs to maintain their positions. The liquidation distribution also reveals that $0.00000464 and $0.00000512 are the two primary leverage concentration levels at present.
- Approximately $196,000 in long leveraged positions have accumulated near $0.00000464.
- Approximately $613,000 in cumulative short leveraged positions accumulated near $0.00000512.
From this distribution, the larger size of long positions above indicates that traders remain generally bearish.
Large holders have significantly reduced their positions over the past month.
Data from the on-chain platform Nansen also shows that the top 100 SHIB addresses experienced a net position decrease of 302% over the past 30 days, indicating that some large holders began exiting their positions prior to this clear downturn.
Large holders reducing positions combined with a dominance of derivatives short positions have increased short-term pressure on SHIB. If the price remains below key support levels, market risk appetite for this token may weaken further.