Despite ongoing market volatility, institutional appetite for Shiba Inu (SHIB) is growing, with April seeing the emergence of 109 new SHIB millionaire wallets — a sign of confidence even amid price weakness.
The broader crypto market remains fragile in the face of global economic uncertainty, and SHIB has not been immune. The token has slid 7.4% from its recent highs and is now hovering near critical support at $0.0000127, according to CoinDesk Research’s technical analysis model. Notably, recent selloffs, especially in early May, have been accompanied by pronounced spikes in trading volume.
Still, under the surface, on-chain trends point to accumulating interest from high-value holders. The number of wallets holding at least $1 million in SHIB rose to 860 in April — up from 751 — even as SHIB’s monthly gain of 7% trailed Bitcoin’s surge toward $95,000.
Investor sentiment remains cautiously positive. SHIB futures open interest nearly doubled last month, jumping from under $97 million to almost $190 million, suggesting growing leveraged participation. Meanwhile, development of Shibarium — SHIB’s Layer-2 scaling solution — continues, with recent upgrades aimed at improving transaction throughput and validator accessibility.
Key Technical Developments
- SHIB’s chart reflects a bearish trend of lower highs and lower lows, with May 3rd’s breakdown below $0.0000130 marking a significant technical breach accompanied by heavy selling.
- Critical horizontal support has formed around $0.0000127, a level repeatedly tested over the past 48 hours.
- Immediate resistance lies at $0.0000129, while Fibonacci retracement levels suggest current prices could act as a base for short-term consolidation.
- Intense volatility struck within a short 10-minute window (13:31–13:40), during which SHIB dropped sharply to $0.0000126 amid a volume surge exceeding 22 million tokens.
- The dip attracted strong buying interest, igniting a swift V-shaped rebound. Between 13:57 and 14:01, bullish momentum drove prices nearly 10% higher from intraday lows.
- Since then, SHIB has stabilized above $0.00001276. Lower trading volume hints at cooling momentum, though a series of higher lows since 14:40 signals the potential for further upside — provided $0.00001274 continues to hold as near-term support.
While price action remains volatile, the underlying data suggests SHIB is drawing serious interest from larger investors. If development progress and on-chain signals persist, SHIB could be positioning itself for a more sustained rebound.
