Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is making headlines again. After a rollercoaster year in 2023, the canine-themed meme coin is exhibiting signs of life in the first half of 2024. Related Reading: Ethereum Fueled Up: Will 320 Million USDT Inflow Ignite Price Surge? With a growing holder base, a strategic support network, and a recent price jump, SHIB seems poised for a potential climb. However, lingering sell pressure and the ever-present shadow of its all-time high keep investors cautious. Shiba Inu Finds Strength In Numbers SHIB’s popularity continues to rise. The number of Shiba Inu holders on the Ethereum blockchain has surpassed a staggering 1.4 million, a new milestone that reflects the coin’s expanding reach. This surge in holders indicates a growing community of believers in SHIB’s potential, potentially translating to a more stable and resilient market presence. #Shiba holders reaching 1.4M mark 🔥🔥🔥 We just grow,only up!!!#Shibarium #shib #bone #leash #crypto #ShibaSwap #ShibTheMetaverse #btc #eth # pic.twitter.com/Ha1R7phBOt — SHIBKIND 🔥 (@SHIBKIND) April 19, 2024 Shiba Inu Establishes Support System For Price Stability Beyond the expanding holder base, SHIB has built a strategic support system that could act as a safety net in case of price fluctuations. These zones, dubbed “support clusters,” sit at $0.00001 and $0.000014, and concentrate buying pressure zones. Essentially, a significant number of holders originally bought Shiba Inu at these price points, meaning a large number of tokens would be bought again if the price dips below these levels. Total crypto market cap currently at $2.259 trillion. Chart: TradingView Additionally, data suggests that a large portion of current SHIB holders are in profit. This metric, often visualized as “In Out of the Money” by blockchain analysis tools, incentivizes them to hold onto their tokens rather than sell at a loss. Shiba Inu Still Barks For Its All-Time High Despite the positive developments, a cloud of caution hangs over SHIB. The current price sits comfortably above the aforementioned support clusters, but it remains significantly lower than its all-time high of $0.00008616, reached in the meme coin frenzy of 2021. Related Reading: Buckle Up, Injective (INJ) Primed For Takeoff Towards $50 — Analyst Furthermore, while the recent price increase is encouraging, there’s still more sell pressure than buy pressure in the spot markets. This imbalance suggests that some investors are eager to cash out, potentially hindering a sustained price surge. The Road Ahead For The Meme Coin Shiba Inu’s future remains uncertain. While the recent developments paint a cautiously optimistic picture, the meme coin market is notoriously volatile. The success of SHIB hinges on several factors beyond its current holder base and support structure. Continued positive developments in the broader cryptocurrency market, increased utility for the SHIB token itself, and a potential reduction in sell pressure are all crucial for a sustained price increase. Featured image from Pexels, chart from TradingView
View full article at NewsbtcBackground Photo by JoelValve on Unsplash
Quant Hedge Fund Two Sigma Hirin...
Cream Plunges on News That Hack ...
Indian National Congress Accuses...
CoinTelegraph (cointelegraph.com)
Former Cred execs face wire frau...
How to determine crypto cost bas...
EigenLayer to cough up around 28...
Bitcoin News (news.bitcoin.com)
Paypal Partnership Allows US-Bas...
Argentine Lower House Passes Cry...
Bitcoin Miner Riot Platforms Rec...
Bitcoin Spot ETF: SEC Delays Dec...
Bitcoin Analyst Says Rally To Ov...
Pro-XRP Lawyers Predict Ripple W...
Crypto Market Overview: Ethereum...
BlockDAG Introduces 10 New Payme...
Top 9 Most Talked-About Cryptos ...
DOJ charges three Cred execs ove...
Challenging the notion of ‘Sta...
Saylor predicts SEC will designa...
Bitcoin Back Above $63,000: Will...
Bitcoin Bottom In? Retracement ...
Is MATIC Poised For Takeoff? Key...
CryptoGazette (cryptogazette.com)
Another Day, Another Banking Sca...
US Banking Giant Pays $249,000,0...
Cardano To Explode by Over 1,300...
Why Ethereum’s DEX volume fell...
Bitcoin price prediction – Is ...
Solana congestion continues desp...
Is Bitcoin making a comeback? Wh...
Ripple Vs SEC Update: Here’s W...
Stratos’ Bold Bet on Dogwifhat...
Celebrities May Have Their Dirty...
3 Ways Bitcoin Traders Can Spot ...
Blockchain as an Infrastructure:...
BinaryX Releases RhinoX Whitepap...
StreamCoin’s 1st Anniversary: ...
Ukrainian Real Agriculture Busin...
Benchmark Protocol (medium.combenchmarkprotocol)
Benchmark Protocol celebrates 1 ...
Benchmark Protocol Integrates Ch...
Bitcoin Magazine (bitcoinmagazine.com)
6 Reasons To Own Bitcoin In Reti...
Fidelity: Pension Funds Explorin...
Michael Saylor Delivers Bitcoin ...
Bitcoin.com (news.bitcoin.com)
US Government Could Target Bitco...
Bitcoin’s Rally to $62,000 Tri...
Blackrock Reinforces Tokenizatio...
OpenAI Could Challenge Google an...
Bitcoin Price Rebound Smashes $1...
Bulletproof Cadillac, Butler, an...
Opinion: Gemini wants you to vot...
Cartier jewelry heir arrested fo...
Creator of rabbit AI assistant h...