SHIB Plunges 7.4% in One Week, but Market Sentiment Remains Cautiously Optimistic

Shiba Inu (SHIB) experienced a 7.4% decline, testing a critical support level at $0.0000127 after significant selloffs in early May.
Despite volatility, institutional interest is growing, with 109 new millionaire SHIB wallets added in April 2025, totaling 860 millionaire addresses.
Futures open interest nearly doubled in April, indicating cautiously optimistic market sentiment amid ongoing development of Shibarium, SHIB’s Layer-2 blockchain.
Technical analysis shows a pattern of lower highs and lows, but recent price action suggests potential stabilization and a possible recovery if support levels hold.