Shiba Inu (SHIB) continues to draw long-term interest from large holders, even as broader crypto market volatility pushes the token down 7.4% over the past week. Price action has brought SHIB back to a key support zone near $0.0000127, where it appears to be stabilizing amid renewed buying interest.
Despite recent price weakness, April saw a surge in high-value SHIB wallets, with 109 new addresses now holding at least $1 million in tokens — bringing the total to 860. This suggests that institutional investors and crypto-native whales may be using the dip to accumulate.
The token’s underperformance relative to Bitcoin, which climbed toward $95,000 during the same period, has not deterred speculative positioning. Futures open interest in SHIB nearly doubled last month, rising from under $97 million to nearly $190 million. This signals an uptick in leverage and risk appetite, even as price action remains fragile.
Behind the scenes, development continues on Shibarium, SHIB’s Layer-2 scaling solution. Improvements aimed at boosting transaction speed and simplifying validator access may strengthen the project’s fundamentals as infrastructure matures.
Technical Breakdown:
- The chart reflects a short-term bearish trend, with SHIB forming lower highs and lows in recent sessions. Volume surges have accompanied each breakdown, including the sharp May 3 decline below $0.0000130.
- $0.0000127 has emerged as a crucial support level, tested multiple times in the past 48 hours.
- The $0.0000129 mark now stands as immediate resistance, while Fibonacci levels suggest potential for a base to form if current support holds.
- A steep decline to $0.0000126 occurred during a nine-minute high-volume selloff (13:31–13:40), followed by a quick rebound as traders bought the dip.
- A 10% recovery unfolded between 13:57 and 14:01 in a classic V-shaped reversal.
- Price action has since settled around $0.00001276, with declining volume pointing to short-term consolidation. The formation of higher lows after 14:40 indicates a potential reversal if buyers remain active.
While short-term risks persist, the underlying metrics — from whale wallet growth to Layer-2 progress — point to a foundation that may support future upside if sentiment improves.
