HomeNewsShiba Inu's Key Support: 397K Addresses Holding 2.44T SHIB Await Critical Moment

Shiba Inu’s Key Support: 397K Addresses Holding 2.44T SHIB Await Critical Moment

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  • 397,000 addresses possess 2.44 trillion SHIB, demonstrating the tenacity of Shiba Inu; price swings range from a low of $0.0000088 to a high of $0.000035.
  • SHIB token burn has reached 175.87% in 24 hours, and Shibarium has added 1.78 million wallets, bolstering the ecosystem.

The cryptocurrency market has experienced considerable volatility recently. However, Shiba Inu has demonstrated resilience and the ability to grow even in turbulent times. Examining SHIB’s unique qualities reveals insights about investor psychology and changing market conditions as geopolitical and financial uncertainties abound.

SHIB’s Ownership and Market Dynamics

Data from blockchain analytics company IntoTheBlock indicates that at an average price of $0.00001, over 397,000 SHIB addresses presently hold 2.44 trillion SHIB tokens. This support level serves as a buffer against price drops by showing both strong buying demand and a possible indication of market stability within the given price range.

Source: IntoTheBlock

While SHIB’s value has fluctuated widely throughout the past year, particularly surrounding the Bitcoin halving event, the token managed to bounce back from its annual low of $0.0000088 in February.

By March, SHIB had surged to its peak of $0.000035 for the year so far, showing fortitude in the face of adversity. Its unpredictability echoes the chaotic environment, yet SHIB soldiers on.

According to CoinMarketCap, SHIB is currently trading at $0.00002295, a drop of 17.60% for the last week but a rise of 5.36% over the previous 24 hours, indicating a modest recovery.

Latest Advancements

A notable recent development is the notable spike in SHIB token burns, which has increased significantly over the last week and in the last 24 hours, rising by 162.27% and 175.87%, respectively.

Furthermore, according to ETHNews previous report, the Shibarium blockchain has witnessed an astounding influx of over 1.78 million wallets in a short amount of time, strengthening the resilience and allure of the SHIB ecosystem.

Market Sentiment and Whale Activity

SHIB has attracted persistent interest from “whales,” who have kept sizable positions despite its low price. Notably, six addresses have individually kept five trillion SHIB tokens—worth over $110 million—for more over two years. During recent market declines, these whales added 223 billion SHIB to their holdings, increasing them.

After the Bitcoin halving, the established support level of $0.00001 could act as a cushion against future market volatility and geopolitical pressures. Based on past trends, there could be exponential returns; estimates indicate that the price of a SHIB token could climb by more than 880,000% to $0.20.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628