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- Since Donald Trump declared tariffs on several countries on April 2, SHIB whales have bought 874 billion SHIB tokens for 10.4 million.
- In the last 2 weeks, SHIB has dropped by 17.1%, reaching a 13-month low and dipping below $0.00001 for the first time since February 2024.
Shiba Inu (SHIB), the dog-themed meme coin that is frequently likened to its forerunner, Dogecoin (DOGE), has been on a massive downturn in the market. SHIB reached a 13-month low on Monday, dipping below the critical support level of 0.00001, the lowest since February 2024. SHIB shed 61.4% value in the last year alone, reflecting an overall market trend that has got investors concerned.
SHIB’s market cap is currently at $6.59 billion with an increase of 3.68% in the past 24 hours. But SHIB’s trading volume has taken a hit, with a modest decrease of 11.89%, now at $370.71 million. This comes amidst growing volatility in the market, especially in the aftermath of the April 2 declaration by the U.S. President Donald Trump of a “Liberation Day,” which had a ripple impact on markets worldwide.
Despite the price slump, there has been a notable uptick in interest from cryptocurrency whales. Between April 2 and April 6, whales accumulated 874 billion SHIB tokens, valued at approximately $10.4 million based on the current SHIB price of $0.00001117. This suggests that even amidst the downturn, large investors are seizing the opportunity to purchase SHIB at discounted rates.
Holder Behavior and Market Sentiment
Analyzing the behavior of SHIB holders paints a picture of cautious optimism for some, and deep concern for others. According to statistics provided by IntoTheBlock, 32% of SHIB holders are in profit, 3% are break-even, and 65% are in loss. This distribution of profit and loss shows that most SHIB investors entered the market at higher prices and are currently holding unrealized losses.
Looking into the holding period of SHIB investors, 77% of them have held their tokens for more than a year, indicating long-term commitment and patience despite market fluctuations. Just 21% of the holders have held SHIB for between 1 to 12 months. The long-term investors are likely weathering the storm regardless of the bearishness of the market.
One of the key metrics to consider is SHIB’s open interest or the amount of unsettled derivative contracts such as futures or options on the asset. According to data from Coinglass, SHIB’s open interest is up by 10.42% and at $100.30 million. The increase might be a sign of expectation of price movement or a bounceback, while SHIB’s Relative Strength Index (RSI) is at 34.67, which is neutral. Looking ahead, Coincodex predicts SHIB will increase by 397.57% to trade at 0.00001353 in August 2025, which will be nearer to its all-time high of $0.00008616.
