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The cryptocurrency market continues to reflect broader economic uncertainties as Shiba Inu (SHIB) faces significant downward pressure.
Recent price action shows SHIB testing critical support at $0.0000127 after experiencing a 7.4% decline from recent highs, with volume spikes coinciding with major selloffs particularly during early May, according to CoinDesk Research’s technical analysis data model.
Despite current volatility, on-chain data reveals growing institutional confidence in SHIB’s long-term prospects. April 2025 saw the addition of 109 new millionaire wallets holding SHIB, bringing the total to 860 addresses with at least $1 million in tokens. This accumulation occurred even as SHIB’s 7% price gain in April underperformed compared to Bitcoin’s surge toward $95,000.
Market sentiment remains cautiously optimistic as futures open interest for SHIB nearly doubled in April, rising from under $97 million to nearly $190 million. Meanwhile, ongoing development of Shibarium, SHIB’s Layer-2 blockchain, continues with improvements to transaction throughput and validator onboarding that could provide fundamental support for future price action.
Technical Analysis Highlights
- Price action reveals a series of lower highs and lower lows, with volume spikes coinciding with major selloffs, particularly during the May 3rd decline below $0.0000130.
- A key horizontal support zone has formed around $0.0000127, which has been tested multiple times in the last 48 hours.
- The $0.0000129 level now represents immediate resistance, with the Fibonacci retracement suggesting potential stabilization at the current level before any meaningful recovery can occur.
- In the last 100 minutes, SHIB demonstrated remarkable volatility and recovery, initially plunging to a critical support level at $0.0000126 during a high-volume selloff at 13:31-13:40, where volume peaked at over 22 million units.
- The price found strong buying interest at this support zone, triggering a V-shaped recovery that accelerated dramatically around 13:57-14:01, where bullish momentum pushed SHIB up nearly 10% from its lows.
- The most recent price action shows consolidation above $0.00001276 with decreasing volume, suggesting short-term exhaustion after the recovery rally, though the higher lows pattern forming since 14:40 indicates potential for continued upward movement if the $0.00001274 support holds.
Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
Leading House Dem Will Block Crypto Market Structure Bill Hearing
The leading Democrat on the House Financial Services Committee, Rep. Maxine Waters, will block efforts to hold a joint hearing between her committee and the House Agriculture Committee on Monday’s newly unveiled market structure discussion draft bill.
Under House rules, all participants in a joint hearing need to agree to proceed. Waters will object to the joint hearing and prevent it from proceeding as planned, a Democratic staffer told CoinDesk, pointing to U.S. President Donald Trump’s recent and increasing engagement with crypto.
The Financial Services and Agriculture Committees announced they would host a joint hearing on market structure issues last week, and unveiled the first text addressing the issue — including how the Securities and Exchange Commission and Commodity Futures Trading Commission would oversee crypto — earlier Monday.
“Ranking Member Maxine Waters has been incredibly vocal about Trump’s crypto crimes and has pushed Republicans to investigate these crimes,” the staffer said. “Ahead of tomorrow’s hearing, Ranking Member Waters gave Chairman Hill a phone call and told him she would not approve this hearing unless Republicans included provisions in their legislation to block Trump from further profiting from crypto off the backs of investors.”
Politico first reported that Waters would object to the joint hearing.
In recent days, Trump announced he would host a dinner for the 220 parties holding the most TRUMP memecoins. One of his children, Eric Trump, announced just last week that Abu Dhabi investment firm MGX would use World Liberty Financial’s USD1 stablecoin to close its investment in crypto exchange Binance. Freight Technologies, a publicly traded logistics firm, also said last week that it would buy $20 million in TRUMP coins with the explicit purpose of trying to influence trade policy.
The Democratic staffer told CoinDesk that Waters and other Democrats on the Financial Services Committee would hold their own hearing investigating Trump’s different crypto ties, which would include World Liberty Financial.
A spokesperson for the Financial Services Committee’s chair, French Hill, said in a statement that, “Since the last Congress, we’ve had productive bipartisan, bicameral discussions on market structure legislation. We encourage the Ranking Member to attend tomorrow’s hearing to express her views and reconsider her decision to object.”