-AD-
-AD-
HomeNewsIn the Ring: Shiba Inu Bulls and Bears Wrestle for 59 Trillion...

In the Ring: Shiba Inu Bulls and Bears Wrestle for 59 Trillion SHIB

- Advertisement -
  • Amidst cryptocurrency volatility, SHIB navigates a pivotal juncture, oscillating between bullish resurgence and bearish capitulation.
  • Puppynet’s migration to Sepolia promises a robust testing environment akin to Ethereum’s main network for developers.

Within the volatile sector of cryptocurrency, Shiba Inu (SHIB), currently resides within a realm of 59 trillion SHIB in circulation. Here, a tumultuous struggle unfolds between bullish and bearish forces, each vying for dominance, with profound ramifications for SHIB’s impending price trajectory. The present juncture presents two divergent paths contingent upon SHIB’s ability to either uphold or breach this critical threshold.

Insights gleaned from IntoTheBlock’s Global In and Out of Money highlight a pivotal juncture, with approximately 59.76 trillion SHIB acquired across 76,240 addresses within the vicinity of SHIB’s current valuation. 

shiba-inus-epic-battle-for-59-trillion-shib-level-can-bulls-win
Global In/Out of the Money, Courtesy: IntoTheBlock

As of the time of writing, SHIB has experienced a marginal decline of 1.49% over the past 24 hours, settling at $0.000008866. Amidst this backdrop, two plausible scenarios arise: either SHIB consolidates its position at the 59 trillion SHIB mark, initiating a resurgence; or it succumbs to downward pressure, signaling a shift in market sentiment.

Should the former scenario materialize and bullish momentum prevails, SHIB may set its sights on overcoming the subsequent substantial resistance level, where 226.25 trillion SHIB await across 322,000 addresses, with an average acquisition price of $0.000011. 

SHIBUSDT_2024-02-07_09-59-50
SHIBUSDT via Tradingview

This pivotal range spans between $0.000006 and $0.000014, potentially catalyzing an upward surge of 90% for Shiba Inu, effectively eradicating a zero from SHIB’s valuation. Conversely, a breach beneath the 59 trillion SHIB threshold would signify a loss of foundational support, indicative of prevailing bearish sentiment.

In such a scenario, SHIB could encounter the subsequent support level, wherein 25.93 trillion SHIB were amassed across 63,730 addresses, at an average price of $0.000008. Here, bullish forces are likely to intervene, impeding further downward spirals. 

In parallel developments within the Shiba Inu ecosystem, Puppynet from Shibarium undergoes a migration to the Sepolia network, emerging as its new cornerstone. Sepolia furnishes a robust testing milieu akin to Ethereum’s main network, furnishing developers with a dependable platform to vet their decentralized applications (dApps) and smart contracts effectively.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES