Popular meme coin Shiba Inu The price of , like most crypto assets, has experienced a slight decline in the last 24 hours. As a result, the Shiba Inu added another zero after the decimal value.
Shiba Inu Price View
It should be reminded that Meme coin dropped one zero from its price on Thursday, January 11, after increasing by 12% on the weekly charts.
However, the rally was short-lived as Shiba Inu fell to the $0.000009 level. BitcoinIt is worth noting that ‘s recent volatility has inflicted huge losses on the broader crypto market.
However, despite this decrease, cryptocurrency Enthusiasts are of the opinion that meme coin will rise to haka. The community is of the opinion that SHIB may rise to $0.00002 soon.
Road to $0.00002
Koinfinans.com As we reported, meme coin was last traded around 0.00002 in May 2022. Since then, SHIB has trended downwards, losing over 50% of its value.
The Shiba Inu’s path to $0.00002 is not an easy one. Because the cryptocurrency needs to break a significant resistance to achieve this success. IntoTheBlock’s “Money In/Out Around Price” shows the type of hurdle SHIB will need to overcome before reaching the $0.00002 mark.
According to the data, 269,860 addresses hold more than 514 trillion SHIB tokens, representing 87.36% of the circulating supply between the current price and the $0.000019 level.
The large amount of SHIB held by these investors poses a major obstacle to the potential for SHIB to rise to $0.00002. Because as SHIB rises from its current price of $0.00000987, some investors in the above-mentioned category may be forced to sell. Thus, there may be heavy pressure on the price.
Breaking this resistance will put SHIB on a major uptrend as there is a lower SHIB concentration at $0.000019 and beyond.
Source : The Crypto Basic