SHIB in the Crosshairs: 103 Trillion Tokens Rest on Key Support as Price Falls to $0.000015

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Shiba Inu (SHIB) is grappling with renewed selling pressure as the broader cryptocurrency market slumps. During early Thursday trading, SHIB dropped to $0.000015, reflecting a 5.92% decline in the past 24 hours. Despite the pullback, the token still holds an 11% gain on the weekly chart, largely due to a rally earlier this month.

Broader Market Slips as Profit-Taking Hits

The crypto market, including Bitcoin and Ethereum, has entered a correction phase after a brief bullish run. Both major cryptocurrencies encountered stiff resistance at key price levels. As a result, traders rushed to secure profits, pushing most digital assets down by more than 5% in a single session.

Macroeconomic optimism helped fuel the previous week’s rally, lifting risk assets across the board. However, signs of overheating emerged. The Crypto Fear & Greed Index, a popular sentiment gauge, touched 73 on Wednesday, suggesting heightened greed among investors. By Thursday, it had cooled slightly to 70.

Adding to the bearish sentiment, CoinGlass data revealed that $361 million worth of crypto positions were liquidated in the derivatives market within 24 hours. Of this, a staggering $290 million came from long positions, while short liquidations totaled $68.25 million.

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SHIB Slides After Brief Rally

Shiba Inu mirrored the market trend, failing to sustain its upward momentum after reaching a weekly high of $0.0000167 on Wednesday. The token fell to an intraday low of $0.00001476 before rebounding slightly to the current $0.000015 level. This marks the second consecutive day of losses, following a week-long rally between May 5 and May 10.

On May 12, SHIB briefly touched $0.00001764, but broader market weakness quickly erased those gains. Since then, the token has closed in the red for four of the last five trading days.

103 Trillion SHIB Held Near Crucial Support

Amid the ongoing pullback, all eyes have shifted to a critical support zone. IntoTheBlock data, reported via Sentora, shows that over 103.58 trillion SHIB tokens—owned by 362,050 addresses, were acquired at an average price of $0.000011.

This concentration of holdings forms a powerful support base between $0.000014 and $0.000008, just below SHIB’s current price level. Given the number of holders in this zone, bulls will likely defend it aggressively. Should the price dip further, this area may act as a buffer against deeper losses.

What’s Next for SHIB?

For now, SHIB’s short-term trajectory will depend on how the market reacts to ongoing macro shifts and whether bulls can maintain the $0.000014 support. A decisive break below this level could trigger further selling, while a strong defence might position SHIB for another rebound.

In the days ahead, analysts and traders will closely monitor trading volume, liquidation trends, and on-chain metrics to gauge sentiment. As the token battles between profit-taking and long-term accumulation, the 103 trillion SHIB in focus may play a defining role in what comes next.