Shiba Inu (SHIB) continues to be in the red as intensified selling takes center stage in its ecosystem.
The second-largest meme coin has lost 9.4% of its value in the past week and is currently trading at $0.00001273.
According to crypto data analyst Buddy King, this bearish trend might be ignited by soaring selling pressure, which has resulted in a big wave of liquidations.
All hope is not lost because Shiba Inu is revisiting a key technical level that previously triggered a notable 400% price rally.
Market analyst Yahu Crypto added, “This level, often tied to strong historical support or resistance on the charts, acted as a launchpad for SHIB’s explosive growth in past market cycles. With the memecoin market showing renewed volatility and trading volume surging.”
Nevertheless, the analyst added that the crypto community was torn between whether SHIB would replicate past performance or a correction was in the offing since on-chain data, such as holder sentiment and whale activity, were showing mixed signals.
This is based on the fact that some investors were stashing more SHIB into their holdings, whereas others were taking profits, owing to the recent price swings.
Shiba Inu’s open interest has been surging after recording a 4.11% increase to hit $163.73 million, suggesting that market liquidity and activity were still game on.
Additionally, SHIB whales have been moving their holdings to cold storage in droves, signalling an all-time high blowup.
Therefore, time will tell how Shiba Inu plays out both in the short and long term.
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