In simpler terms, Shiba Inu (SHIB), often referred to as Dogecoin‘s rival, has gained attention once more. Following a turbulent year in 2023, this digital currency with a dog theme is showing renewed activity during the initial months of 2024.
As more people hold SHIB and strategic partnerships strengthen, while its price has surged recently, there’s optimism about further growth. Yet, constant selling pressure and the looming memory of its record high cause uncertainty among investors.
Shiba Inu Finds Strength In Numbers
The demand for Shib is growing steadily. Over 1.4 million investors now own Shiba Inu coins on the Ethereum network, marking a significant achievement in the coin’s journey to wider recognition.
An increase in the number of SHIB holders signifies a expanding group of individuals who trust in SHIB’s prospect, which could lead to a more steady and robust market existence.
Approximately 1.4 million Shiba holders have been recorded, signifying our continual expansion with no signs of slowing down! #Shibarium #shib #bone #leash #crypto #ShibaSwap #ShibTheMetaverse #btc #eth
— SHIBKIND (@SHIBKIND) April 19, 2024
Shiba Inu Establishes Support System For Price Stability
An additional advantage for SHIB is the establishment of a robust support system, which functions as a cushion during price instability. These areas, referred to as “support groups,” are located at $0.00001 and $0.000014, attracting significant purchasing activity.
In simpler terms, many people who own Shiba Inu purchased it when the price was at these specific levels. Consequently, if the price falls below those amounts, a substantial number of tokens could be bought once more.
An extra piece of information: A significant number of SHIB token owners currently experience a profit. This data is typically represented as “In the Money” or “Out of the Money” status in blockchain analytics. This information encourages these investors to keep holding their tokens instead of selling at a loss.
Shiba Inu Still Barks For Its All-Time High
Although SHIB has made progress recently, there’s still a sense of apprehension surrounding it. The current price is above previously identified support levels, but it hasn’t come close to its record high of $0.00008616, which was hit during the 2021 meme coin craze.
An additional point to consider is that although the latest price rise is promising, there’s currently more demand to sell rather than buy in the open markets. This disparity indicates that certain investors may be looking to realize their profits, which could hinder a prolonged price rally.
The Road Ahead For The Meme Coin
The outlook for Shiba Inu is still up in the air. Although recent progress brings some hope, the meme coin sector is known for its price swings. Factors other than Shiba Inu’s current fan base and backing significantly influence its future prospects.
In simpler terms, the advancements in the larger cryptocurrency sector, more uses for Shiba Inu (SHIB) token, and less urgency to sell could all contribute to a prolonged price rise.
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2024-04-20 22:34