Critical Support for Shiba Inu Identified as 397K Addresses Hold 2.44T SHIB

The Shiba Inu token has found a strong support level at $0.00001, ranging from $0.000008 to $0.000014. Recent data from blockchain analytics resource IntoTheBlock reveals that nearly 400,000 addresses hold a total of 2.44 trillion SHIB tokens at an average price of $0.00001.
This support level, which has a range of $0.000008 to $0.000014, indicates significant buying pressure and the potential for market stability at this price range. It acts as a cushion against price dumps for SHIB.
Despite fluctuations in SHIB’s price this year, the support level at $0.00001 has served as a psychological barrier against steep price declines. Currently trading at $0.00002226, SHIB has seen a 1.78% increase in the last 24 hours as it aims to recover from recent losses. To experience a bullish shift in short-term sentiment, SHIB would need to surpass the 50-day EMA at $0.00002781.
Interestingly, despite its low value, SHIB whales have held strong. Six addresses have held five trillion SHIB tokens each for over two years, amounting to a total value of over $110 million. These tokens were acquired in March 2021, just seven months after the launch of the SHIB project. In addition, SHIB whale addresses have continued to accumulate tokens, amassing over 223 billion in the recent price drop to around $0.000018.
The established support level at $0.00001 could act as a buffer against market volatility and geopolitical influences in the months following the Bitcoin halving event. If SHIB follows a similar pattern as in the past, it could potentially experience significant gains, reaching a market value of $0.20 per token, which would represent an increase of over 880,000%.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.