Shiba Inu (SHIB) was trading at $0.000004378 at the time of reporting, up 1.12% over the past 24 hours. Spot trading volume rose 4.01% to $73.06 million, while the token posted a 3.32% gain on the week. Price action remained compressed, with SHIB still moving inside a narrow range rather than breaking into a clear trend.
Upper resistance keeps capping the range
Market analyst Crypto With Gopal pointed to a rectangular compression pattern on the chart and warned that a possible double top may be taking shape. Buyers have continued to defend the current range, which has kept the token from slipping quickly through support. Yet each push toward the upper boundary has met renewed selling pressure. The setup is active, but unresolved.
In that framework, the lower support area has become the key short-term level. A breakout above the range could reduce the pressure tied to the double-top risk and open room for a stronger advance. If volume fails to build from here, consolidation inside the same band is likely to continue.
Futures activity rises without signs of extreme overheating
CoinGlass data showed SHIB futures volume jumping 15.72% to $99.53 million. Open interest also increased 2.10% to $34.98 million, a sign that more positions are being put on across the market. Participation is picking up. Aggressive leverage, at least for now, is not the main feature.
The open-interest-weighted funding rate stood at 0.0029%. That points to sustained interest in SHIB perpetuals, though not at a level that would suggest a heavily stretched market. Traders are active, but the derivatives side does not yet reflect a crowded speculative rush.
Burn wallets support supply dynamics, concentrated clusters remain a risk
On-chain distribution added a more mixed signal. Bubblemaps, which visualizes wallet clusters and token flows on-chain, was cited to assess concentration and coordinated address behavior. The broader distribution picture leaned neutral to slightly constructive, but centralization risk was still visible.
The largest burn addresses held 41.04% of the tokens in question. Because assets sent to burn wallets are permanently removed from circulation, that structure can help support the supply side if demand remains steady. At the same time, one cluster of 252 interconnected addresses controlled 8.58% of total SHIB supply. That level of concentration keeps selling pressure on the table. If those wallets were to offload in sync, price could come under meaningful downside pressure.
For now, SHIB remains pinned between support and resistance. A decisive move above the upper boundary would be needed for bulls to regain control, while a break below key support would leave the token exposed to a deeper pullback.