Shiba Inu Price Tests Historical Support as 2.45B Tokens Get Liquidated

Key Insights:

• Shiba Inu price trades near $0.0000057 after falling more than 12% over the past week.
• Over 2.45B SHIB tied to leveraged positions were liquidated in 24 hours.
• Investors withdrew 527.98B SHIB, creating a net outflow of 197.44B tokens.

Shiba Inu remained under pressure this week as meme coins extended their broader market decline. SHIB traded near $0.0000057 after losing more than 12% over the past seven days. The decline pushed the token back toward a long-term support zone that previously triggered a strong rebound in 2024.

At the same time, liquidation pressure intensified across derivatives markets. More than 2.45 billion SHIB tied to leveraged positions were wiped out within 24 hours as traders reacted to continued downside momentum.

Shiba Inu Price Returns to Major Support Zone

Token Talk said Shiba Inu crypto is sitting on a major historical support zone after a brutal cooldown. The weekly chart showed SHIB compressing near a long-standing demand area that previously triggered a strong upside move.

The chart compared the current structure with the earlier 2024 move, when SHIB rebounded sharply from the same broad support band. That earlier reaction sent the price into a major expansion phase before the rally cooled. Now, SHIB is again testing a similar zone, which could make this area important for buyers.

At press time, the top meme coin traded around $0.00000577 on the analyst’s weekly chart. The support band extends across the lower range, where price has repeatedly slowed during past declines. If buyers defend this zone, SHIB may attempt to recover toward the mid-range first.

However, the setup still needs confirmation. A historical support zone can attract buyers, but it does not guarantee a rally. SHIB must first stabilize above the current level and show stronger volume before a larger recovery can form.

Shiba Inu Price Trendline Breakdown Raises Caution

However, FOUR Crypto Spaces offered a more cautious view. The analyst said SHIB has broken below an ascending support trendline, which changes the short-term structure. The daily chart showed the price losing that trendline after several weeks of higher lows.

This breakdown suggests sellers still control the immediate move. The analyst now expects a retest of the major horizontal demand block between $0.0000051 and $0.0000052. That area sits below the current price and may become the next important support if weakness continues.

The chart also shows SHIB falling quickly after losing the trendline. That kind of move often forces leveraged traders out and creates panic among short-term holders. However, it can also push prices into deeper demand zones where buyers begin stepping back in.

Therefore, SHIB’s next move depends on whether the current historical support holds or price slides into the lower teal demand zone. A rebound from here would support Token Talk’s view. A move toward $0.0000051 would confirm the bearish breakdown highlighted by FOUR Crypto Spaces.

More Than 2.45B SHIB Liquidated

More so, the latest decline also hit leveraged traders. CoinGlass data showed that traders lost about $14,010 on SHIB positions over the past 24 hours. At the current price near $0.0000057, that equals roughly 2.45 billion SHIB tokens.

Long traders suffered most of the damage. Long liquidations reached about $10,980, equal to nearly 1.92 billion SHIB. In the meantime, short liquidations amounted to approximately $3,030, which is equivalent to slightly over 531.57 million SHIB.

Many traders had expected SHIB to stabilize after dropping earlier, as indicated by this imbalance. Instead, continued selling pressure pushed the price lower and forced automatic closures of leveraged long positions.

Shiba Inu crypto is still down more than 12% over the past week. The token traded near $0.0000065 on May 14 before sliding below $0.000006 and reaching the $0.0000057 area. Although SHIB posted a modest 24-hour rebound, the broader weekly structure remains weak.

Exchange Outflows Reduce Immediate Sell Pressure

CryptoQuant data showed that investors withdrew more SHIB from exchanges than they deposited over the past day.

Exchange deposits totaled around 330.35 billion SHIB, while withdrawals reached approximately 527.98 billion tokens. The difference resulted in a net outflow of roughly 197.44 billion SHIB.

Exchange outflows often indicate that holders are moving assets into private wallets instead of preparing to sell immediately. Sustained outflows can reduce near-term sell pressure when combined with improving market demand.

However, one day of exchange withdrawals is not enough to confirm a broader reversal. SHIB still need

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