Shiba Inu (SHIB) Drops 9.02% in June, Extending Bearish Trend

Shiba Inu (SHIB) has experienced a significant downturn in June, with a 9.02% drop in its price, continuing a bearish trend observed in the same month over the past five years. This decline has left over 940,000 holders in a loss-making position, with these addresses collectively holding 875.23 trillion SHIB below their breakeven point. The current price of SHIB stands at approximately $0.00001156, marking a 22.12% decrease over the past 30 days.

The losses have been accumulating, with SHIB down 1.36% this week and 0.36% in the last 24 hours. This trend is part of a broader pattern where SHIB has seen significant drops in June since 2021. In 2021, the meme coin dipped 4.75%, followed by 12% and 11.5% drops in 2022 and 2023, respectively. June 2024 was particularly brutal, with a 32.3% wipeout. The current month is shaping up to repeat this painful trend.

Despite the challenges, there is still a glimmer of hope among long-term holders. Over 1.13 million wallets have held SHIB for more than a year, collectively owning 782.86 trillion tokens. Additionally, another 284,300 wallets hold SHIB between one and twelve months, totaling 174.71 trillion tokens. These holders, often referred to as "diamond hands," remain steadfast in their belief in SHIB's potential. However, the mounting pressure and the strong resistance levels ahead may test their resolve.

SHIB faces significant resistance levels that could hinder its recovery. The first roadblock is around $0.000012 to $0.000014, where 100,379 addresses hold 75.47 trillion tokens. The next resistance zone stretches between $0.000014 and $0.000016, holding over 527.83 trillion SHIB across 177,210 wallets. Breaking through these resistance levels will require strong volume and positive momentum, which is currently lacking. On the downside, support rests near $0.000008 to $0.000011, where 210,070 wallets bought 43.17 trillion SHIB. If bears push harder, the price could tumble toward $0.000007, where another 53.22 trillion tokens are held in 190,200 addresses.

Only 45,340 SHIB addresses are at the break-even point, neither earning nor losing at current prices. Some of these include SHIB’s burn wallets, which means the real number of holders treading water may be even lower. The current situation is challenging, but the long-term holders' confidence remains a beacon of hope amidst the turmoil. However, if support levels break, even the most loyal holders might reconsider their positions. SHIB is far from being out of the woods, but the resilience of its community continues to be a defining factor in its journey.