Shiba Inu Breakout Imminent as Bulls Load Up in Descending Channel

Shiba Inu (SHIB) is building pressure inside a long-running descending channel and has tapped the top of it on the weekly timeframe. This setup could lead to a bigger move if $SHIB breaks out.

The open interest in SHIB's derivatives market is sitting at $58.10M, which is significantly higher than its previous range. Longs are dominating shorts, with a ratio of 2.42 on OKX. Liquidation data shows longs taking the bigger hit over the past 24 hours.

The market capitalization of Shiba Inu stands at around $3B, with a circulating supply of 589.23T out of a max supply of 589.55T. The top 100 wallets hold more than 82% of the supply, which is a concentration level worth watching.