Shiba Inu price at risk of deeper dive as whales capitulate

Shiba Inu price remained under pressure Thursday as holders continued to capitulate amid the ongoing crypto market downturn.

Shiba Inu (SHIB) dropped to $0.00001275, its lowest level since May 9, and is now down 28% from its May peak. The meme coin has struggled in recent weeks as demand weakened and investors began exiting positions following prolonged underperformance.

On-chain data shows that Shiba Inu’s network realized profit/loss (NPL) has remained negative for several months. The NPL metric measures the average profit or loss of all coins that change addresses daily, calculated by the difference between the last move price and the new transaction price.

A negative NPL indicates coins are being sold at a loss — a clear sign of bearish sentiment. This decline has coincided with ongoing whale selling. Data reveals that whale holdings have dropped from 748 trillion tokens in January to just over 718 trillion today. Meanwhile, the supply of SHIB on exchanges has been rising steadily, signaling increased selling pressure.

Additional data shows Shiba Inu’s spot market volume has also declined. Over the past 24 hours, SHIB recorded just $141.8 million in daily trading volume, significantly lower than other meme coins. Dogecoin registered $764 million, while Pepe topped the list with $1.08 billion.

Shiba Inu price technical analysis

The daily chart shows that SHIB peaked at $0.00001762 on May 11, following a broader crypto market rally. Since then, it has dropped to $0.00001275, breaking below the lower boundary of an ascending broadening wedge pattern.

SHIB has also moved below the 50-day and 100-day Exponential Moving Averages, reinforcing a bearish bias. The Relative Strength Index remains above the oversold zone, suggesting that further downside is still possible.

Given the current setup, capitulation may continue, with sellers likely targeting the next key support level at $0.000010, the lowest point from April 7. A move above the 200-day moving average at $0.00001570 would be required to invalidate the current bearish outlook.