Shiba Inu has established a crucial support level at $0.00001, preventing sharp price declines. Approximately 397,000 addresses hold 2.44 trillion SHIB tokens within this range, revealing strong buying pressure and potential market stability. Shiba Inu whales have maintained their substantial holdings, accumulating over 223 billion tokens during recent market downturns.
Shiba Inu Establishes Strong Support Level, Whales Accumulate Amidst Market Volatility
Shiba Inu (SHIB), the popular meme cryptocurrency, has established a pivotal support level at $0.00001, ranging from $0.000008 to $0.000014, according to data from blockchain analytics resource IntoTheBlock. This support zone signifies significant buying pressure and potential market stability within this price range, acting as a cushion against price declines.
The data reveals that approximately 397,000 Shiba Inu addresses hold 2.44 trillion SHIB tokens at an average price of $0.00001. This substantial accumulation indicates the community's faith in the project despite recent market fluctuations.
Amidst the ongoing market uncertainty leading up to the Bitcoin halving, SHIB has exhibited a wide range of price movements, dipping as low as $0.0000088 on February 5th and reaching a high of $0.000035 on March 5th. However, the support level at $0.00001 has acted as a psychological barrier, preventing a steep decline in price.
Currently, SHIB is trading at $0.00002226, up 1.78% over the past 24 hours. This price action reflects a recovery from losses incurred in the recent market downturn. SHIB's rebound from the $0.00001830 level on April 13th demonstrated its resilience against bearish pressures.
Despite the low token value, Shiba Inu whales have remained steadfast in their support. Notably, The Crypto Basic reported that six SHIB addresses have held exactly five trillion SHIB tokens each for over two years. Acquired on March 31st, 2021, these tokens are now worth over $110 million.
Despite ongoing market volatility and Bitcoin's struggle to maintain $60,000, SHIB whale addresses have continued to accumulate, acquiring over 223 billion tokens during the recent price drop to around $0.000018.
The established support level at $0.00001 is expected to provide a buffer against market volatility and geopolitical influences in the months following the Bitcoin halving. However, if history repeats itself, SHIB could experience significant gains, potentially surging over 880,000% to reach a market value of $0.20 per token.
