Usman Salis
Shiba Inu has pulled back to $0.000015 amid a broader crypto selloff, with traders now eyeing a critical support level where a massive 103 trillion tokens are concentrated as the popular meme coin cools off after its recent hot streak.
SHIB Takes a Hit as Crypto Market Slides Lower
Shiba Inu (SHIB) is feeling the pain in Thursday's early trading, dropping alongside pretty much everything else in the crypto space as the market extends the losses that kicked off earlier this week. The popular dog-themed token has slipped nearly 6% over the last 24 hours to trade at $0.000015, after briefly dipping to $0.00001476 earlier in the session. Despite this setback, SHIB is still up a solid 11% for the week – not too shabby considering the broader market conditions.
This pullback comes as major cryptos have tumbled more than 5% across the board, with both Bitcoin and Ethereum running into stubborn resistance at key price levels. It looks like traders are cashing in some chips after last week's impressive rally that saw crypto rise alongside other risk assets. The market had been riding high on some positive macro signals and improved investor sentiment, though signs now suggest certain hot sectors are finally cooling down a bit.
103 Trillion SHIB Now in the Spotlight as Key Support Level
As Shiba Inu prices retreat, all eyes are turning to a crucial support zone where a whopping 103 trillion SHIB tokens are currently being held, according to on-chain data. Information from IntoTheBlock shared by Sentora shows a significant support range between $0.00008 and $0.000014, where 103.58 trillion SHIB were scooped up by 362,050 different addresses at an average price of $0.000011.
This concentration of tokens and holders represents a serious buyer group that might step up to defend this price territory. Given the massive amount of SHIB sitting in this range, traders are watching this area closely as it could provide solid ground for SHIB's price if the current downtrend persists. Bulls seem ready to make a stand at this level, potentially creating a floor that could prevent further slides.
SHIB's Hot Streak Cools After Six-Day Climb to $0.0000167
Shiba Inu (SHIB) had been on fire before this recent pullback, rallying hard for six straight days from May 5 through May 10. However, the impressive run eventually hit resistance around the $0.000017 mark, causing SHIB's momentum to fade. Since May 11, the token has posted losses in four out of five trading days, including today's drop.
The meme coin briefly touched highs of $0.00001764 on May 12, but this promising move got cut short as the broader crypto market started heading south. The Crypto Fear & Greed Index, which takes the temperature of market sentiment, hit 73 on Wednesday – typically a sign that things are getting overheated – before easing slightly to 70 today. This elevated reading suggests the market probably got a bit ahead of itself during the recent rally, setting the stage for the current pullback.
SHIB Traders Feel the Squeeze as $361M Gets Wiped Out in Crypto Derivatives
The derivatives market has seen some serious pain over the last 24 hours, with a massive $361 million in positions getting liquidated. Most of these liquidations – about $290 million worth – were long positions held by bullish traders betting on higher prices. Meanwhile, short liquidations totaled around $68.25 million, showing just how brutal the market's downward move has been for overly optimistic traders.
Shiba Inu holders weren't spared from this liquidation wave, as the token's fall from Wednesday's high of $0.0000167 has now stretched into a second day. This sharp reversal highlights just how quickly things can change in crypto markets, especially for volatile meme tokens like SHIB that can swing dramatically in just hours.
What's Next for Shiba Inu (SHIB) as Traders Take Profits
With profit-taking now in full swing across the crypto market, Shiba Inu traders are reassessing where things might go from here. Last week's impressive rally likely pushed the token into overbought territory, triggering the current correction as investors lock in gains from the upward move.
The million-dollar question now is whether that massive support zone with 103 trillion SHIB will hold firm or if we're in for more downside. If bulls can successfully defend this critical level around $0.000014, it could give SHIB a solid foundation to stabilize and potentially resume its upward journey once market conditions improve. However, a break below this zone could trigger more selling and potentially lead to a deeper correction.
As traders navigate this choppy market, they'll be keeping a close eye on overall crypto sentiment, Bitcoin's next moves, and any Shiba Inu ecosystem developments that might influence where prices head next. For now, all eyes are on that huge 103 trillion SHIB support level as the market decides if this is just a healthy pullback or the start of something more serious.
Usman Salis
