Shiba Inu (SHIB) hit an intraday low of $0.0000087 on Wednesday, down 3.68% in 24 hours and 25% from its 2025 peak. The token still trades 78% below its all-time high, with a market cap of $4.5 billion.
Macro and on-chain headwinds
The broader crypto market selloff weighs on SHIB. US President Donald Trump announced new tariffs on countries including Germany and France, while Japanese bond yields surged to multi-decade highs on expectations of Bank of Japan rate hikes. Investors shed risk assets across the board.
On-chain metrics turned bearish. The SHIB burn rate collapsed 98% Tuesday to just 500,000 tokens, versus over 30 million the previous day. Meanwhile, total value locked (TVL) on Shibarium, its layer-2 network, dropped 50% in 30 days to $729,000—one of the smallest in the L2 sector.
A silver lining: exchange supply of SHIB has continued to decline over recent months, suggesting accumulation by some holders.
Falling wedge: a bullish technical signal
The daily chart shows SHIB bottomed at $0.00000685 earlier this year, then rallied to $0.000015 on Jan. 4. It remains below the 50- and 100-day exponential moving averages, but a large falling wedge pattern is forming—two converging trendlines. The price broke above the upper trendline and has since retested it, a classic continuation signal. With the lines nearing convergence, a rebound looks likely. If it materializes, the first target is the year-to-date high of $0.000010.