Shiba Inu (SHIB) price faces selling pressure as whales continue to offload and rotate funds to other cryptocurrencies. At present, SHIB hinges on a key support range between $0.000012 and $0.000013 and risks a major drop.
SHIB price is down nearly 2% today, with the price currently trading at $0.00001286. The trading volume continues to stay low, with $131.61 million in trading volume in the past 24 hours.
Over 2 Trillion Shiba Inu Token Transfer to Coinbase
Whale Alert on June 5 reported a massive transfer of 2 trillion Shiba Inu tokens to crypto exchange Coinbase Institutional. The transfer by the 0x2E2…4AaEf wallet was worth nearly $36.60 million. Further research on Etherscan revealed that the wallet also made two transfers — a total of 524 billion SHIB tokens — before the massive 2 trillion SHIB dump.
The reduced whale activity and a slight decline in the number of holders caused Shiba Inu price to remain under selling pressure. As per Etherscan, the number of SHIB holders currently stands at 1,509,292.
Moreover, Shiba Inu ecosystem activity has also dropped significantly in the past few days. Sentora (formerly IntoTheBlock) has marked four on-chain signals as bearish for SHIB.
Meanwhile, Shibariumscan data indicates the daily transactions continued from millions in mid-May to below 75K on average in June. The daily transaction count was 63.78K on June 4. Furthermore, the active accounts per period for BONE are declining, with a drop to 9,391 on June 4.
BONE price fell more than 7% in the last 24 hours, with the price currently trading at $0.266. The 24-hour low and high were $0.265 and $0.289, respectively.
SHIB Price to Drop Lower?
SHIB price declined 2% in the past 24 hours, with the price currently trading at $0.00001281. The 24-hour low and high are $0.00001272 and $0.00001315, respectively. Furthermore, the trading volume has increased by 13% in the last 24 hours, indicating interest among traders.
Shiba Inu futures open interests fell significantly on the largest crypto exchanges. SHIB1000 futures OI on Bybit dropped nearly 7% over the last 24 hours. While on Binance, 1000SHIB futures OI slipped 3% to $44 million, as per Coinglass data.
Several indicators signal a bearish outlook for SHIB price, while the community remains optimistic about a reversal. In the daily timeframe, the 20-EMA (blue) has crossed below the 50-EMA (red). This development indicates the price may fall further amid the selling pressure building up near the support level.
