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Shiba Inu, one of the most well-known meme coins on the Ethereum network, is showing signs of further weakness as it hovers near a critical support zone. After a brief bounce to $0.00001199, SHIB is still struggling to hold ground above $0.00001145—its lowest point since late February. That’s nearly 65% above its 2024 lows, but the momentum isn’t looking promising.
Like much of the altcoin market, SHIB is feeling the weight of broader macro pressures. Bitcoin’s recent downturn has dragged most major tokens with it, and meme coins are often hit hardest in risk-off environments.
But it’s not just market sentiment putting pressure on SHIB. Under the hood, on-chain metrics point to increasing distribution. A sharp drop in Mean Dollar Invested Age (MDIA)—a key gauge of how long tokens sit idle—suggests that more holders are moving their coins. Over the past few weeks, the 90-day MDIA has plunged from 66 to 46, while the 365-day figure is down from 205 to 143. In short, long-dormant coins are being reactivated and possibly sold.
At the same time, network activity is thinning out. The number of active addresses has cratered from nearly 20,000 in December to just 3,350 today, a clear signal that user engagement is dropping off.
The Shibarium network hasn’t helped to stem the decline either. Its total value locked (TVL) has collapsed from $6.4 million at the end of last year to just $1.91 million today—well behind new chains like Sonic and Berachain, which are rapidly gaining traction.
From a technical perspective, SHIB’s setup is increasingly bearish. On the 3-day chart, the token has broken below both its 50-day and 200-day moving averages. These two lines are now converging toward a dreaded death cross—a classic signal that downside momentum is gaining strength.
To make matters worse, SHIB appears to have completed a textbook double top pattern at $0.00003345, with a neckline support around $0.00001090. If that level breaks, it could open the door to a deeper move toward $0.000010, a key psychological threshold. Failure to hold that could see the price spiral down toward $0.00000583—the lowest level seen since June 2023. That would mark another 45% decline from current levels.
Unless sentiment flips soon or Bitcoin stages a strong recovery, the path of least resistance for SHIB seems to remain downward—for now.
