Amidst the ongoing market slump, the price of Shiba Inu (SHIB) has found a significant point of resistance. This resilience can be attributed to a substantial number of Shiba Inu investors who have purchased the meme coin in large quantities, totaling 2 trillion SHIB, at this particular price level.
Shiba Inu Establishes Support At $0.00001
Approximately 397,000 Shiba Inu holders, as indicated by data from market intelligence platform IntoTheBlock, purchased the meme coin for an average price of $0.000010. The lowest buy price was $0.000008, while the highest was $0.000014.
In simpler terms, the price range where most buyers entered the market for Shiba Inu acts as a strong foundation or floor for the coin. If the overall crypto market trend remains downward, this support level could be crucial in preventing further price drops for Shiba Inu. Essentially, investors who bought at those prices are likely to hold on and may even buy more if the price falls closer to their initial purchase price to avoid losses.
To put it simply, Shiba Inu token holders, including the large investors known as whales, have not been discouraged by the recent price drops and instead view these moments as chances to acquire even more SHIB coins. An unidentified whale recently bought 223 billion SHIB tokens when its value reached a low of $0.00001830, according to Bitcoinist‘s report.
Buying demand can keep the meme coin from sinking and losing more than the impressive 100% YTD growth it has achieved so far this year. The optimistic outlook among Shiba Inu investors remains unchanged, as the coin is predicted to be a major gainer during this market uptrend.
Shibarium Back In Business
Over the past week, there’s been a noticeable increase in activity on Shibarium’s network. The layer-2 platform reached a new peak of 958,000 daily transactions on April 15 alone. This renewed network buzz might be beneficial for Shiba Inu as it aims to reach new heights with any positive market trends it can gather.
The use of Shibarium, the network associated with Shiba Inu, is predicted to increase further following its recent major update. This upgrade has been touted as making the network “quicker, more fluid, and more inclusive than before.” With heightened network activity comes an increased SHIB burn rate, which in turn could lead to a favorable impact on Shiba Inu’s price.
Despite a reasonable consumption rate for the burn rate, the significant Shibarium-driven token burns that the SHIB community grew used to late last year were absent. As a result, there’s optimism that improvements lie ahead.
Currently, Shiba Inu (SHIB) is priced at approximately $0.00002265 during this writing process. There has been a more than 4% increase in its value over the past 24 hours based on data obtained from CoinMarketCap.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- TAO PREDICTION. TAO cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- ALPINE PREDICTION. ALPINE cryptocurrency
- BOOK OF MEME Price Recovery to Extend 20% Before Facing Major Resistance
- US Govt Dumps $4M In Bitcoin Again, Another BTC Selloff Ahead?
- Bitwise Ether ETF Reveals 10% Profit Donation To Ethereum Developers
2024-04-20 03:11