Shiba Inu (SHIB), a leading meme coin, has slipped over 4.5% in the past 24 hours to touch a crucial support level at $0.000012. This sharp drop coincides with a significant whale transaction, where wallet 0x6E45 moved 100.45 billion SHIB, worth approximately $1.21 million, to Binance after three years of dormancy. According to Lookonchain, the whale realized a profit of $311,000, though its unrealized gains once exceeded $2.7 million.
Whale 0x6E45 deposited 100.45B $SHIB($1.21M) into #Binance 6 hours ago after being dormant for 3 years, making a profit of ~$311K(the profit exceeded $2.7M at the peak).https://t.co/CmYdXUqAbf pic.twitter.com/JzfYWqdPCa
— Lookonchain (@lookonchain) June 6, 2025
This sell-off aligns with a broader correction in the meme coin market, which saw a 5.5% drop in total market capitalization. SHIB’s own market cap has declined by more than $300 million, further highlighting bearish pressure across the sector.
Technical Indicators Signal Potential Volatility Ahead
Despite a recent Bitcoin rally to $112,000, SHIB remains underwhelming, down 5% in the past month and over 51% year-over-year, per CoinMarketCap. Technical indicators point to a possible rebound but remain mixed.
On the daily chart, SHIB is hugging the lower Bollinger Band, indicating oversold conditions and suggesting a short-term bounce could occur. The RSI sits at 36.6, nearing oversold territory. A continued slide could trigger a reversal, but for now, the trend remains vulnerable. If SHIB fails to hold $0.000012, it could fall toward $0.0000105 or $0.000009. Popular analyst Crypto Chiefs notes a medium-term recovery could push SHIB toward $0.000016, provided it sustains this support.
$SHIB in a must hold zone here.
— Crypto Chiefs (@cryptochiefss) June 5, 2025
If we hold & see a medium term reversal, I will be using these red lines as liquidity level targets. pic.twitter.com/QAoUIoCTaf
Meanwhile, the MACD indicator shows a bearish crossover, with growing red histogram bars hinting at ongoing selling pressure unless a spike in bullish volume emerges.
Also Read: Shiba Inu (SHIB) Eyes 39% Breakout as Bullish Triangle and Liquidity Inflows Align
Subbd: AI-Powered Disruption in the Content Economy
While SHIB tests support levels, Web3 platform Subbd is gaining momentum by targeting the $85 billion content subscription market. Subbd offers a tokenized, AI-driven solution for creators to streamline content delivery and fan engagement.
Its native token, $SUBBD, powers platform utilities like premium content, staking rewards, and exclusive AI tools. Investors are taking note—over $615,000 has been raised, with the presale price set to rise in two days. With its Ethereum-based ecosystem and AI integrations, Subbd positions itself as a standout project in the evolving creator economy.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
