Shiba Inu Surges 35% in a Week as Short Sellers Get Liquidated
Shiba Inu (SHIB) jumped more than a third in a week, with the token trading near $0.0000057 as of Saturday. The move comes after a prolonged period of low volatility, with the weekly candle alone showing a gain past 35% — the largest single-week advance for the meme token in some time.
A Multi-Year Downtrend Finally Gets Tested
Pull up the weekly chart and the story is straightforward. SHIB topped out near $0.0000340 around December 2024, and from there it was a long, slow bleed, each bounce a little weaker than the one before it. A textbook descending trendline built off a string of lower highs through 2025 had kept price pinned underneath for months.
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This week’s candle is the first real challenge to that structure. The low printed at $0.00000409 just seven days ago, and since then price has been testing the trendline off those 2025 highs. It hasn’t closed above it by a wide margin yet, but the wick is poking through, which counts for something.
Even after a 35% weekly candle, however, price sits nowhere close to the 23.6% Fibonacci retracement of the entire 2024 to 2026 decline — a level that works out to roughly $0.0000269, more than four times where SHIB trades right now. Weekly RSI is only just curling up off the low 30s. This is a bounce off the floor, not a recovered trend.
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Shorts Got Steamrolled
So what lit the fuse. Derivatives data from CoinGlass points to a fairly clean short squeeze. Approximately $2.32 million in SHIB futures positions were liquidated over the past day, with $1.77 million of that being shorts getting dragged out. Futures net inflow backed that up too, with money pouring into SHIB futures at a clip up over 2,000% versus the day before. Open interest is sitting near $64.7 million, still working itself out.
Not proof of some grand catalyst. Just a lot of people caught leaning short into a coin that refused to cooperate.
The 15-Minute Chart Tells a Cleaner Story
Zoom into the 15-minute timeframe and the whole move breaks down into two legs pretty cleanly. The first leg took SHIB from roughly $0.0000042 up toward $0.00000504 before it ran out of steam and slid into a flag. That pullback barely dipped past the 23.6% Fibonacci level of the first leg, somewhere around $0.0000048, before buyers came back in. An ascending trendline drawn off the launch point and that flag low is still holding underneath the second leg, at least for now.
RSI hit somewhere around 87 during that first leg, deep overbought territory, cooled off through the flag without any real bearish divergence, and has climbed back into the high 70s on the second push. Not a warning sign on its own. Just something worth watching if it starts slipping while price keeps grinding higher.
Levels Worth Watching
If this holds, the descending 2025 trendline near current price becomes the level to watch on the weekly. A close above it would be the first in over a year. Below, the $0.0000048 flag low on the 15-minute chart is the more immediate line in the sand, and losing that would make the short squeeze story a lot less convincing fast.
None of this is financial advice. Just a read of the chart and the derivatives numbers as they stood while writing this. SHIB has broken plenty of trendlines before and gone right back to sliding anyway. Treat the bounce as exactly that — a bounce — until it actually proves otherwise.
