Shiba Inu (SHIB), the meme-inspired cryptocurrency, took a nosedive today, shedding 7% of its value within the last 24 hours. This sudden dip, however, comes on the heels of a robust 25% gain over the past month, leaving traders and analysts to ponder the next move in this roller-coaster market. The decline was most pronounced during the early hours, as traders offloaded significant volumes of SHIB, causing a ripple through the crypto market.
Volatility Strikes Again
The chaos started around 7:00 AM when SHIB’s price plummeted to $0.0000149, breaking through several key support levels. Trading volumes during this period soared, with over 1.43 trillion SHIB changing hands—nearly double the usual rate. According to crypto analyst Jamie Leverton, “The sheer volume of trades during this intense selling period indicates a potential shakeout by larger holders, possibly driven by broader economic uncertainties.”
The market saw a pattern of lower highs, a classic indicator of a bearish trend, with resistance now forming at $0.0000152. This shift suggests that SHIB might consolidate before making any directional moves. In the late morning, the token experienced a brief resurgence, climbing back to $0.0000149 after hitting a session low of $0.0000147. But the recovery was tentative at best, reflecting broader market hesitations.
What’s Fueling These Swings?
Interestingly, the recent downturn in SHIB’s price action seems to be part of a larger narrative affecting meme coins. Dogecoin (DOGE), another popular meme token, has also faced similar pressures, leading some experts to speculate about a possible bearish reversal for meme coins. This is further explored in our recent coverage of Dogecoin’s resilience amid Elon Musk’s Tesla exit rumors. According to a report from CoinPedia, the collective market sentiment around these tokens is edging on the cautious side, as investors weigh the impact of global economic conditions.
The intense selling pressure witnessed between 1:33 PM and 1:36 PM, with a spike in volume to over 83 billion SHIB, seems to have established a crucial support zone around $0.0000148. “This support level could provide a temporary cushion,” suggests crypto strategist Alex Carter, “but if breached, we might see further declines.”
Looking Ahead: Uncertainty or Opportunity?
Despite today’s turbulence, the SHIB community remains optimistic about the long-term potential of the token. The recent V-shaped recovery pattern, which saw SHIB bounce back above $0.0000148, could indicate underlying bullish momentum. Yet, the question remains: Can SHIB sustain this momentum in the face of looming market uncertainties?
With the broader crypto market experiencing heightened volatility, some analysts are cautiously optimistic about SHIB’s future. “While the current trend is bearish, the underlying fundamentals of Shiba Inu, including its strong community and development activities, continue to provide a solid foundation for potential growth,” notes crypto market veteran Lisa Wong. For a deeper dive into meme coin market dynamics, see our analysis of Nasdaq’s pursuit of a Dogecoin ETF.
As we move deeper into May, all eyes will be on SHIB’s ability to navigate through this period of turbulence. Will the meme coin rally once again, or is this the beginning of a more extended downturn? The coming weeks will undoubtedly be critical for traders and holders alike as they assess the risks and opportunities in this vibrant, ever-evolving market.
Source
This article is based on: Shiba Inu (SHIB) Price Drops 7% in 24 Hours but Remains Up 25% Over the Past Month
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.
