Shiba Inu (SHIB) Price Jumps On Growing Support From 1.4 Million Holders
April 20 2024 - 1:00PM
NEWSBTC
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
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