43.8 trillion dollars of support for Shiba Inu, is the price of SHIB safe?
Critical support for Shiba Inu ($SHIB) has been identified, which may have far-reaching effects on the price forecast of this currency. Into The Block data indicates that 43.8 trillion Shiba has been acquired from 222,450 addresses at a price of $0.000011, forming strong support.
Most Shiba holders are in the red.
According to Coin Market Cap data, Shiba Inu is currently trading at $0.00001153, which is 0.00053 cents away from the acquisition price at which these addresses bought coins. This indicates that many Shiba holders are closely monitoring price movements.
If the value of Shiba Inu drops further, it may lead to selling pressure on the dog-themed coin. These addresses may dispose of their assets if the price drops further to avoid losses.
According to Into The Block data, this development has been exacerbated by the current expectations of the Shiba Inu ecosystem. Only 10%, or 8.04 trillion dollars, of the shares.
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Valued at 1.13 billion dollars, is "in the money", indicating that most investors are already suffering losses.
An additional drop in price may lead to a widespread sell-off of Shiba Inu in the meme coin market.✅
At the same time, 871.61 trillion Shiba Inu, worth approximately 10.01 billion US dollars, equivalent to 88.88%, is "out of the price range". The remaining 11.06 trillion Shiba Inu, equivalent to 1.13%, is "at the price range".
🤔Do whale flows and consumption rates ease the burden of this decline?👇
The current situation indicates that Shiba Inu needs support from the ecosystem to stimulate a price recovery. For example, large transaction volume has decreased by approximately 88%.💥
However, if the whales continue to accumulate, this may support a price recovery and prevent Shiba from further decline.🚀✅
Interestingly, U.Today reported a 6306% increase in whale flows, the highest level in six months. The activities of Shiba Inu whales and the increase in consumption rates may help reverse the downward trend in the meme coin's price.📊📉✅
The coming days may reveal Shiba Inu's position in the broader cryptocurrency market.
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