Shiba Inu (SHIB), the popular meme-based cryptocurrency, is once again capturing the market’s attention with a potential breakout on the horizon. After gaining 8.92% over the past 30 days, SHIB trades within a key consolidation range that may act as a launchpad for another zero to be wiped from its price, if bullish signals persist.
Historical May Performance Signals Upside Potential
According to data from Cryptorank, May has historically served as a bullish month for Shiba Inu. On average, the token experiences 62.5% growth during May, building investor optimism that this month could mirror past performance.
Currently, SHIB is consolidating between $0.00001167 and $0.0000147, reflecting a neutral sentiment. However, technical indicators suggest that this consolidation may precede an upward breakout. SHIB trades at $0.00001350 at the time of writing, representing a slight 0.25% increase over the last 24 hours.
Despite this minor dip, historical trends offer hope. Should SHIB follow its average May trajectory, it could eliminate a zero from its price, pushing it closer to long-term resistance levels.
Trading Volume Dips, But Ecosystem Fundamentals Improve
SHIB’s daily trading volume has dipped by 2.75% to $153.25 million, suggesting short-term trader fatigue. However, important developments continue to unfold beneath the surface that could renew momentum.
Most notably, SHIB’s deflationary token burn mechanism has been reactivated. By reducing the circulating supply, these token burns could strengthen price action and support a long-awaited breakout. In the past, such burns have aligned with price rallies, giving investors another reason to monitor upcoming burn events closely.
Whale Activity and Market Sentiment Add to Bull Case
Recent whale movements add another bullish layer to SHIB’s short-term outlook. Within minutes, a notable surge of 510 billion SHIB tokens occurred, attributed mainly to activity from whales and institutional-sized wallets. This rapid accumulation temporarily boosted SHIB’s price, revealing a pattern of renewed interest from large holders.
Although trading volume has dipped overall, these isolated whale activities hint at underlying bullish sentiment that may soon spill into broader market participation. Investors are now watching for a sustained spike in volume as a confirmation signal.
Related article: Shiba Inu Sees Major Whale Exit After April Price Surge
Final Thoughts: Will SHIB Rally to Erase a Zero?
Shiba Inu stands at a critical juncture. With historical May rallies, revived token burns, and whale accumulation aligning, the conditions for a price breakout are forming. However, a sustained increase in trading volume remains the missing piece of the puzzle.
Should market sentiment shift and volume return, SHIB could repeat its May history and eliminate another zero. Until then, cautious optimism continues to build among traders and long-term holders.
