While Shiba Inu (SHIB) experienced a downturn recently, with its price dropping around 20% from its peak this month, the coin’s future holds promise. The decline coincided with weak demand in both spot and futures markets, which saw trading volume for SHIB fall to $200 million, significantly less than other popular meme coins like Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK). 4 5 This drop is partly attributed to whales selling off their SHIB holdings this year, with the number of tokens held by smart money investors currently at 13.29 billion, down from 14.54 billion in April, according to data from Nansen. Meanwhile, whale holdings have dipped to 96 billion coins, from a recent high of 100 billion coins. 7 This downward trend was further reflected by the burn rate, which decreased to 13.1 million for the 24-hour period, down by 28%. The current price action suggests a potential turnaround for SHIB. A cup and handle pattern on the coin’s price chart shows a bullish signal, with the possibility of a significant rally that could reach $0.00002443, representing a 70% gain from its current price level. If the support at $0.00001228 is broken, this bullish outlook would be invalidated.