Shiba Inu Drops 7.4% As Institutional Confidence Grows
1min read Shiba Inu (SHIB) has experienced a notable decline in value, with a 7.4% drop over the past week. This downward trend has led to SHIB testing critical support levels at $0.0000127. The price action has been marked by significant selloffs, particularly during early May, as indicated by volume spikes during these periods.
Despite the recent volatility, there are signs of growing institutional confidence in SHIB's long-term prospects. In April 2025, the number of millionaire wallets holding SHIB increased by 109, 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 lagged behind Bitcoin's surge toward $95,000.
Market sentiment remains cautiously optimistic, with futures open interest for SHIB nearly doubling in April, rising from under $97 million to nearly $190 million. This increase suggests that investors are positioning themselves for potential future gains. Additionally, the ongoing development of Shibarium, SHIB's Layer-2 blockchain, continues to progress with improvements to transaction throughput and validator onboarding. These developments could provide fundamental support for future price action, further bolstering investor confidence in SHIB's long-term prospects.
