Important support for Shiba Inu (SHIB) has been identified and could have a wide range of impact on the price outlook for memecoin. Intotheblock data shows that 43.8 trillion Siv from 222,450 addresses were acquired at a price level of $0.000011, forming strong support.
Most shib holders in red
According to data from CoinmarketCap, Shiba Inu is currently trading at $0.00001153. This is 0.00053 cents away from these addresses reach the acquisition price where you purchased Meme Coins. This suggests that many SHIB owners are closely watching the price movement.
If Shiba Inu’s value drops further, this could cause selling pressure on dog-themed meme coins. These addresses could dump assets if the price crashes further to prevent losses.
According to Intotheblock data, the development is exacerbated by the current outlook for the Shiba Inu ecosystem. Only 10%, or 8.04 trillion Siv, is worth $1.13 billion, is “In the Money.” This indicates that most investors have already lost it.
Additional price reductions could lead to a massive sale of Nishida inu in the meme coin market.
Meanwhile, 871.61 trillion Seven, which was valued at around $10.1 billion (88.88%), is “out of money.” The remaining 11.06 trillion shill (1.13%) is “money.”
Can whale influx and burns provide relief?
The current setup shows that SHIB needs ecosystem support to trigger price rebounds. For example, large transaction volumes have decreased by about 88%.
However, if whales are accumulating, it may support price rebound and prevent Sheeva from depreciating even further.
Interestingly, U.Today reported a 6,306% surge in the highest whale influx within six months. Increased activity and burn rates in Shibu whales can help reverse the movement of the down price of meme coins.
Over the next few days, we were able to reveal where Shiba Inu is in the broader crypto market.
