Shiba Inu (SHIB) dropped over 4.5% in the last 24 hours to a key support level, triggered by a massive whale sell-off.
By Parth Dubey
Edited by Julia Sakovich
Updated
3 mins read
Shiba Inu SHIB $0.000012 24h volatility: 2.7% Market cap: $7.32 B Vol. 24h: $265.51 M , one of the top meme coins, has slipped to a crucial support zone of $0.000012 after losing over 4.5% in the past 24 hours.
This price drop comes as a major SHIB whale cashed out its holdings after three years of dormancy. Lookonchain reports that wallet 0x6E45 transferred 100.45 billion SHIB worth around $1.21 million to Binance.
Whale 0x6E45 deposited 100.45B $SHIB($1.21M) into #Binance 6 hours ago after being dormant for 3 years, making a profit of ~$311K(the profit exceeded $2.7M at the peak).https://t.co/CmYdXUqAbf pic.twitter.com/JzfYWqdPCa
— Lookonchain (@lookonchain) June 6, 2025
The whale made a realized profit of around $311,000 on this sale. Notably, its unrealized gains once peaked above $2.7 million.
The sharp decline comes amid a broader market downturn, which saw meme coins collectively shedding 5.5% from their total market value in the past day. SHIB’s market cap alone fell by more than $300 million during the same period.
Despite the recent crypto market rally, which saw Bitcoin touch a new all-time high of $112,000, SHIB has lagged in performance. Data from CoinMarketCap reveals that SHIB is down around 5% over the past month and a staggering 51% over the past year.
On the daily chart, SHIB is currently hugging the lower Bollinger Band, suggesting oversold conditions and the possibility of a short-term bounce. However, the bands are still widening slightly, signaling continued volatility.
SHIB price chart with RSI and Bollinger Bands | Source: TradingView
The RSI is sitting at 36.6, also confirming SHIB to be nearing oversold territory. A further drop in RSI reading would strongly suggest a reversal, but until then, the trend remains vulnerable to further downside.
A breakdown below the $0.000012 support level could lead to $0.0000105 or even $0.000009. Popular crypto trader Crypto Chiefs stated that if SHIB holds above this level and sees a medium-term reversal, the immediate liquidity target will be $0.000016.
$SHIB in a must hold zone here.
If we hold & see a medium term reversal, I will be using these red lines as liquidity level targets. pic.twitter.com/QAoUIoCTaf
— Crypto Chiefs (@cryptochiefss) June 5, 2025
Meanwhile, the MACD indicator shows a bearish crossover with the MACD line slightly below the signal line. The histogram bars are growing red, suggesting a continuation of the current downtrend unless strong bullish volume enters the market.
SHIB price chart with MACD | Source: TradingView
While SHIB continues to test investor sentiment, a next-gen Web3 project, Subb,d is drawing investor interest. Subbd aims to transform the $85 billion content economy by offering an AI-powered, tokenized platform for creators and their audiences.
Through its Web3 integration, Subbd provides creators with automation tools to simplify content delivery, while fans gain exclusive, interactive access.
The project’s native token, SUBBD, is an Ethereum-based cryptocurrency that powers the platform by providing premium content, staking rewards, and AI-driven utilities.
SUBBD holders can stake tokens to unlock benefits such as behind-the-scenes content, private livestreams, and premium drops. The platform has successfully raised $465,670, and the token’s price is set to increase in just a few hours.
Presale Snapshot:
With only two days remaining before the next price increase, Subbd is a project worth monitoring, particularly for those interested in AI-led innovations.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
