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By Omkar Godbole, CD Analytics
Jul 9, 2025, 11:15 a.m.
- Shiba Inu’s price recovery is gaining momentum, with significant sales from whales and increased futures market activity.
- SHIB has surpassed the 23.6% Fibonacci retracement level, showing a weekly gain of over 5%.
- Open interest in SHIB futures has risen, indicating growing investor interest despite potential challenges from large token holders.
Shiba Inu (SHIB) whales have stepped up their sales as the cryptocurrency’s price recovery looks to gather steam alongside an uptick in futures market activity. The path of least resistance still appears to be on the higher side.
SHIB, the world’s second-largest meme token by market value, traded above the 23.6% Fibonacci retracement of the May-June sell-off as of writing, up over 1% on a 24-hour basis, according to CoinDesk data.
STORY CONTINUES BELOW
Prices have gained over 5% in one week alongside bullish signals from key indicators such as the 14-day relative strength index. The momentum oscillator has crossed into the bullish territory above 50 for the first time since May 23.
Supporting the bull case are volume figures, which have exceeded the daily average of 307.5 billion tokens during the recent price recovery phase, according to data tracked by CoinDesk’s AI research.
Meanwhile, open interest in perpetual futures listed on Binance has surged past the 7 million SHIB mark for the first time since May 23, according to data source Velo. The upswing, accompanied by positive funding rates, suggests an increased investor interest in betting on continue price gains.
The ascent, however, could be challenged by whale and insiders moving trillions of coins to exchanges, with ten wallets controlling over half of the total token supply.
- Support zone at $0.00001172-$0.00001175 attracts high-volume buying interest.
- Resistance at $0.00001196 caps upside moves with consistent reversals.
- Volume exceeds 307.5 billion token daily average during recovery phase.
- Intraday high $0.00001195 represents 1% gain from session open.
- 7.25 billion token volume spike marks resistance test during breakout attempt.
(Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.)
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk’s editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk’s AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk’s approach to AI-generated content in our AI policy.
