Shiba Inu (SHIB) fell below its September 2021 low on Thursday, marking a fourth straight day of decline and a 7.5% drop in the last 24 hours. the memecoin now trades around $0.0000048, with volume up 12% to $146 million, underscoring heightened market activity despite the bearish turn.

Breakdown Below $0.0000051 Triggers New Low

According to the source report, SHIB slipped beneath the critical $0.0000051 threshold, erasing the support level that had held since September 2021. This breach pushes the price into territory last seen in early 2021, raising the specter of further downside if the daily candle closes below that mark.

Short Sellers Pay Premium as OI-Weighted Funding Rate Hits -0.0114%

The CoinGlass data cited shows the OI‑Weighted Funding Rate falling to -0.0114%, indicating that short positions are not only dominant but also willing to pay a small premium to keep their bets alive. Traders have amassed $613,000 in short‑leveraged positions at the $0.00000512 level, dwarfing the $196,000 of long‑leveraged bets at $0.00000464.

Technical Indicators Confirm Bearish Momentum

Both the Average Directional Index and the 200‑day EMA point to strong downward pressure, with the ADX signaling robust directional strength and the price firmly under the long‑term moving average . these metrics suggest sellers are in firm control and that any rebound would need to clear the $0.0000053 resistance.

Whale Exodus Contributes to Price Weakness

Data reveals a 302% drop in net holdings among the top 100 SHIB addresses over the past month, implying that large holders have been offloading their positions ahead of the recent sell‑off. this exodus likely amplified the price slide, as reduced supply from whales coincided with growing short interest.

What Remains Unclear About Future Support Levels?

The report does not identify any concrete buying interest at the $0.00000464 liquidation zone, leaving it uncertain whether that level can act as a floor. Additionally, the source offers no insight into potential catalyst events—such as regulatory news or broader crypto market rebounds—that could reverse the current trend.