shiba inu (SHIB) price dropped to the price levels last seen in October 2021, adding another zero to its digits. Meme coin hit an all-time high of $0.000088 on October 28, 2021.
Support at $0.000010, the bulls lost ground amid the recent market price drop. SHIB fell as low as $0.0000083 on June 12. If this support level fails as well, the next stop could be $0.000007.
Shiba Inu Can’t Escape Caravan of Fall
Buyers can push the price above the important barrier at $0.0000146 or the price may return to the current consolidation range to rebound creating an uptrend. According to WhaleStats, SHIB was among the top 10 assets measured by trading volume of 500 ETH whales in the last 24 hours.
At the time of writing, SHIB was trading at $0.00000766, down about 11%, in line with the recent crypto market plunge. This has also resulted in the average value of the Shiba Inu and the value of whale holdings falling. According to current calculations, the top 500 ETH whales have SHIB worth $544,698,614.
Amid the sell-off in the markets, SHIB dropped to 16th place in the cryptocurrency rankings by market cap, dropping to 17th. Avalanche(AVAX) lost.
According to a report shared by Shiba Inu developer Shytoshi Kusama, SHIB was introduced during a radio show on “Urbana Play 104.3 FM,” one of the highest rated radio channels in Buenos Aires, Argentina. Shytoshi Kusama He also retweeted Welly’s tweet, stating that the final and general phase of Welly NFTs has begun and the remaining NFTs are expected to be published shortly.
Also speaking about the purpose of NFTs published by Welly, its developer stated that NFTs will act as ‘smart contracts’ for certain welly locations. He stated that this is the reason why the price currently has a value of 0.12 ETH.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.