In the ever-volatile world of cryptocurrencies, Shiba Inu (SHIB) has recently found itself in the spotlight following a notable price drop. Between May 29 and May 30, SHIB tumbled from $0.00001500 to a low of $0.00001250, a movement that caught the attention of traders worldwide. This decline, marked by a surge in trading volume, seemed to signal panic selling or strategic profit-taking amid broader market jitters.
A Closer Look at the Decline
Crypto analyst Crypto Man MAB highlighted this sharp downturn on X, pointing out the persistent weakness in both the short and long-term outlook for the meme coin. As of today, SHIB is trading at approximately $0.00001266, reflecting a slight decline over the past 24 hours. Over a broader timeframe, the picture remains bearish, with a 3.80% drop in the last 30 days and a substantial 54.73% decrease over the past six months. These figures underscore the challenges SHIB faces amidst an uncertain market climate.
The rapid price drop observed at the end of May was particularly noteworthy, suggesting significant selling pressure. This could be attributed to broader market unrest or investors cashing in on earlier gains. Yet, the subsequent stabilization hints at a possible consolidation phase, with SHIB quietly forming a base below its recent highs. This mirrors the resilience seen in other meme coins, such as Dogecoin, which recently remained stable despite Elon Musk’s exit from Tesla.
Support and Resistance Dynamics
In the aftermath of the May decline, SHIB appears to be finding short-term support around the $0.00001250 mark. According to Crypto Man MAB, this level has temporarily halted the selling pressure, though key resistance looms between $0.00001350 and $0.00001400. This resistance zone has proven tough to breach, with SHIB repeatedly unable to push higher.
The current price range remains narrow, fluctuating between $0.00001257 and $0.00001308. Despite the consolidation, the earlier sharp decline serves as a cautionary tale for traders, especially with the volume tapering off during this phase. The bearish sentiment persists, and without a clear breakout, the trend seems to favor further downside risks. For those interested in the broader market dynamics, the potential listing of a Dogecoin ETF on Nasdaq could also influence meme coin sentiment.
What Lies Ahead for SHIB?
As markets catch their breath, the big question is whether SHIB can mount a comeback or if further declines are on the horizon. A breakout above $0.00001350 could reignite bullish sentiment, potentially drawing buyers back into the fold. On the flip side, a dip below the $0.00001250 support might trigger additional selling pressure, leading to new lows.
For market participants, keeping an eye on trading volume and broader market sentiment will be crucial in determining SHIB’s next move. The crypto landscape is notoriously unpredictable, and while SHIB has shown signs of life, its path forward remains fraught with uncertainty.
In this complex dance of numbers and sentiment, one thing is clear: Shiba Inu’s journey is far from over. As we move further into June 2025, the crypto community will be watching closely, eager to see whether SHIB can defy the odds—or if it will continue its downward spiral.
Source
This article is based on: Shiba Inu Crash To Calm – Is SHIB Forming A Base Below?
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
