Shiba Inu Rises 1.98% Amid Growing Speculative Interest

Shiba Inu's latest price was $0.00001322, up 1.98% in the last 24 hours. This increase in price is accompanied by a recent surge in open interest, indicating a growing speculative interest in the potential rise of the meme coin's value. This trend is particularly evident on the Gate.io exchange, where traders have accumulated a significant amount of SHIB. Other exchanges, including Bitget, OKX, and Bitunix, have also shown interest, with varying amounts of SHIB being committed by investors on these platforms. Despite this positive shift, Shiba Inu continues to experience market volatility, with historical data showing that June has been a challenging month for the meme coin. Market participants are hopeful that ecosystem developments could shift trends in the future.

Shiba Inu has shown resilience in recent trading sessions, maintaining upward momentum despite sharp intraday fluctuations. The token has established a strong support base between certain levels, with quick recoveries signaling buyer interest. Resistance remains firm near higher levels, and a breakout could trigger short-term rallies if accompanied by strong volume. Trading volume has risen, signaling growing market interest and supporting the bullish thesis. However, technical indicators show mixed signals, with the MACD indicating a minor bearish crossover and the RSI suggesting the asset is nearing oversold levels.

Shiba Inu's massive supply continues to shrink through its burn mechanism, with over 410 trillion SHIB permanently removed. The remaining total supply is now about 589 trillion, with nearly 585 trillion in circulation. Additionally, around 4.75 trillion SHIB are staked, pointing to long-term holder commitment. The burn rate has dropped significantly, reflecting slowing deflationary pressure, but the broader supply remains tight due to ongoing burns and staking.

Shiba Inu, the second-largest meme coin, has faced a rough path lately, with its value dropping by over 12% in the past week. However, it has managed to hold above a certain mark, leaving supporters wondering if the worst is over. One reason for the lack of significant price changes is the falling interest in SHIB, with fewer people trading the meme coin and some cashing out or waiting to see what happens next. Whale activity is also very low, with big investors not buying or selling much SHIB recently. Despite the low confidence, there is a small sign of hope, as the funding rate for SHIB has turned positive, indicating that some traders still believe it might bounce back.

Another factor contributing to SHIB's quiet period is the low use of its network, Shibarium. Currently, there is only about $3 million locked in Shibarium, which is very small compared to the larger DeFi world. The SHIB price has been consolidating between certain levels, with the RSI indicator dropping to near the oversold zone. If the crypto market improves, SHIB might rise to higher levels, and if optimism picks up, it could even reach even higher levels.

As SHIB's price remains stuck, investors are moving on, and weak market momentum is shaking confidence. Whales are shifting to new plays, with Unilabs catching that wave. On-chain data shows that over $500,000 of its presale came from SHIB holders, indicating that seasoned investors want more than hype. Unilabs delivers real utility and passive income, something Shiba Inu coin cannot offer, making it a smarter choice for those seeking stronger, long-term gains. SHIB's price continues to slide, dropping for four days straight and hitting its lowest since April. This drop has pushed Shiba Inu coin into a bear market, with Bitcoin's fall also dragging down overall sentiment. Whales are pulling back, with large wallets cutting holdings and adding pressure on SHIB's price. Shibarium, the Shiba Inu coin's layer-2 network, is also underperforming, with weak adoption raising doubts about the memecoin's long-term use. The burn rate is fading, with the biggest burn this week hitting just 18 million Shiba Inu coins, a far cry from past billion-token events. With burns slowing, one of the key bullish drivers for SHIB's price is losing strength. Technicals offer no relief, with SHIB's price breaking below its wedge pattern and the 50-day moving average. If buyers don’t step in soon, analysts see a drop to a certain level as likely, with the trend remaining bearish for Shiba Inu coin.