Crypto Quill

Shiba Inu’s impressive 35% bounce since mid-March is now losing steam. After a sharp 6% drop, investors are eyeing the $0.000010 support level, wondering if the floor might crack.

Meme coins are under pressure across the board this week. Shiba Inu, the second-largest token in the category, has taken a hit, and its once-strong rally is looking a bit wobbly. The price is now hovering near $0.000015, dragging the market cap down to $8.25 billion. The question on everyone’s mind: was this a healthy pullback or the start of a deeper dive?

What Sparked the 35% Surge?

Shiba Inu’s recent climb wasn’t just hype-driven—at least, not entirely.

Between March 11 and March 26, SHIB pulled off a powerful rally of about 35%, snapping out of a sluggish trading phase. This surge aligned with a broader uptick in altcoins and was supported by a brief wave of enthusiasm in the meme coin sector.

That said, there was more than just market sentiment at play. Whales re-entered the scene, scooping up massive amounts of SHIB. On-chain activity spiked. Wallets holding over 1 billion tokens increased, according to data from IntoTheBlock. The crowd seemed to sense another Dogecoin-style breakout.

But the market has a short memory. And just like that, the momentum faded.

Down But Not Out?

Now with a 6% decline in the last 24 hours, the optimism is being tested.

For traders eyeing short-term moves, this correction doesn’t come as a surprise. After all, no market goes up in a straight line. What’s concerning, though, is the volume profile. The drop isn’t just on light volume—this is panic selling, or close to it.

And here’s the kicker: the Relative Strength Index (RSI) on the 4-hour chart has dropped below 50, a sign that bears are slowly taking control. If that continues, we could see more bleeding ahead.

Still, this isn’t a death sentence for SHIB. Not yet, anyway.

The $0.000010 Level: More Than Just a Number

This support zone is more than just psychological.

The $0.000010 price point is what traders often call a “line in the sand.” It’s a level where buying interest historically kicks in—either from retail traders or automated bots programmed to scoop up dips.

Take a look at this quick data table below:

So yeah, this isn’t just any random figure. If it holds, bulls have a shot at resetting the rally. If not? It might be a long way down.

Broader Meme Coin Slump Isn’t Helping

The entire meme coin pack is limping this week.

Dogecoin is down nearly 5%. FLOKI’s retracement is closer to 10%. Even PEPE, which saw a wild run earlier this month, is struggling to hold onto gains. It’s a domino effect. Shiba Inu’s weakness is just part of a bigger pattern.

Here’s why:

• Bitcoin dominance has risen again, draining money from riskier altcoins

• Speculative retail traders are pulling back post-Fed meeting uncertainty

• Whales are reducing exposure, especially in low-liquidity tokens

The meme coin hype cycle often moves fast—up fast, down even faster.

Short-Term Charts Paint a Cautious Picture

Zooming into the 4-hour chart gives us more color.

The pattern resembles a classic rising wedge—usually a bearish sign. After hitting a local top, SHIB broke down from the formation, triggering a fresh wave of selling pressure.

Volumes are thin on the recovery attempts. That’s not ideal. Bulls need to show up soon, or this could spiral further.

One silver lining? The MACD histogram is starting to flatten out. That might suggest the downward momentum is slowing.

But that’s just one indicator. And indicators don’t pay the bills.

What Happens If Support Breaks?

All eyes are on the $0.000010 level for a reason.

If SHIB fails to hold this mark, there’s a good chance we’ll see a move toward the $0.0000085 area, where prior consolidation took place. That’s nearly a 15% drop from here—not catastrophic, but definitely not ideal for anyone who bought the top.

And don’t forget the larger macro landscape. If Bitcoin continues to stall or slide, altcoins like SHIB will feel the squeeze even harder.

Of course, crypto is famous for fake-outs. We’ve seen breakdowns turn into reversals within hours. So any move below support should be watched closely.