Despite sharp price swings and lingering macroeconomic uncertainty, Shiba Inu (SHIB) continues to attract deep-pocketed investors. On-chain data shows 109 new SHIB millionaire wallets were added in April, signaling strategic accumulation amid market turbulence.

SHIB has dropped 7.4% from its recent peak, currently clinging to support around $0.0000127. CoinDesk Research notes a clear correlation between price dips and volume spikes, especially during early May’s steep correction. The May 3rd breakdown below $0.0000130 was particularly notable, driven by aggressive selling.

Yet institutional interest appears unfazed. The total number of wallets holding at least $1 million in SHIB now stands at 860 — an increase that comes despite SHIB underperforming Bitcoin’s climb toward $95,000 in April.

Futures activity supports the case for cautious optimism. SHIB’s open interest surged from under $97 million to nearly $190 million last month, reflecting a broader increase in leveraged bets. Meanwhile, the project’s Layer-2 network, Shibarium, continues to roll out updates designed to boost scalability and improve validator engagement.

Technical Outlook

• The chart shows a bearish structure of descending highs and lows, with heavy volume marking each major drop — particularly the early May breakdown.
• SHIB has established strong horizontal support at $0.0000127, which has held firm despite multiple tests over the past two days.
• Immediate resistance sits at $0.0000129, while Fibonacci retracement metrics suggest consolidation at these levels could precede a potential rebound.
• In an intense window from 13:31 to 13:40, SHIB fell to $0.0000126 during a surge in selling volume above 22 million tokens.
• Buyers stepped in aggressively, fueling a sharp rebound. Within minutes — from 13:57 to 14:01 — SHIB rallied nearly 10%, forming a classic V-shaped recovery.
• Since then, price has steadied above $0.00001276. Volume is tapering, but higher lows since 14:40 point to possible bullish continuation if support near $0.00001274 holds.

In the face of price pressure, SHIB’s fundamentals — including rising institutional participation and steady development progress — could provide a foundation for future gains. Market watchers will be looking to see whether this support zone can hold as sentiment cautiously turns more constructive.