Shiba Inu’s Critical Support Level Amidst Market Downtrend
Shiba Inu, the meme coin, has managed to establish a critical support level of $0.00001 within the current market-wide downtrend. This support level has been solidified by a large number of Shiba Inu holders who have invested in the coin at this specific price level, resulting in a 2 trillion SHIB buy order.
- Shiba Inu holders have displayed strong confidence in the coin
- Market intelligence data reveals significant support at $0.00001
- Buy pressure from Shiba Inu addresses crucial for maintaining support
Data from the market intelligence platform IntoTheBlock indicates that there are over 397,000 Shiba Inu addresses currently in profit. These addresses bought the meme coin at an average price of $0.000010, with minimum buy orders at $0.000008 and maximum at $0.000014. The price range between $0.000008 and $0.000014 has become a crucial support level for Shiba Inu due to the significant buying pressure experienced at these levels.
Shiba Inu Whales HODL Strong Amidst Price Declines
Despite the price declines experienced by Shiba Inu, the holders, particularly the whales, have not been deterred. On the contrary, they have seen the price drops as an opportunity to accumulate more SHIB tokens. An anonymous whale recently purchased 223 billion SHIB tokens after the price dipped to a low of $0.00001830.
- Whales increase their SHIB holdings during price drops
- Bullish sentiment among Shiba Inu investors remains strong
- Anticipated gains in the upcoming bull run support buying pressure
This continuous buying pressure could help Shiba Inu to sustain its gains made earlier this year, ensuring that it remains afloat. The positive sentiment surrounding Shiba Inu is further fueled by the projections indicating that it is set to be one of the leading gainers in the current bull run.
Shibarium Activity Soars with Network Upgrades
Shibarium, the layer-2 network for Shiba Inu, has witnessed a significant surge in network activity over the past week. On April 15, the network recorded a high of 958,000 daily transactions. This surge in network activity comes at a crucial time for Shiba Inu as it strives to achieve new highs.
- Recent upgrades make Shibarium faster and more accessible
- Increased network activity expected to boost SHIB’s burn rate
- Positive impact on Shiba Inu’s price anticipated from network improvements
Following a significant network upgrade, Shibarium is expected to continue experiencing a rise in network activity. This surge will lead to a spike in SHIB’s burn rate, positively influencing Shiba Inu’s price. Despite the absence of massive token burns towards the end of last year, the burn rate has remained stable, reflecting the community’s confidence in the asset.
Current Price Movement and Outlook
As of the latest data from CoinMarketCap, SHIB is trading around $0.00002265, marking over a 4% increase in the last 24 hours. This price movement showcases the resilience of Shiba Inu amidst market fluctuations and the ongoing downtrend.
Hot Take: Shiba Inu Continues to Build Strong Support Amid Market Challenges
Despite the prevailing market conditions, Shiba Inu has demonstrated its ability to establish a critical support level at $0.00001, backed by strong buy pressure from its dedicated holders. With ongoing network upgrades and increasing activity on Shibarium, the meme coin is poised to navigate through market challenges and potentially achieve new price highs.
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