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Will Shiba Inu Add Zero? 8,470,000,000,000 SHIB Stand Guard
The crypto community has been eagerly awaiting the price action of Shiba Inu (SHIB), and today’s data is crucial in determining the coin’s future trajectory. As of press time, SHIB was up 1.16% in the last 24 hours to $0.00001138.
According to recent reports from IntoTheBlock, a staggering 8,470,000,000,000 SHIB tokens are held within the current price range of $0.000011 to $0.000012. This substantial holding forms a defensive wall against any potential decline to the next lower range at $0.000008 to $0.000011, where an even larger 39.32 trillion SHIB were previously accumulated.
The crypto market is closely observing the current support level, as it may significantly impact the short-term price action of Shiba Inu (SHIB). If this level sustains, a potential rebound could be triggered by an improvement in overall market sentiment. However, if SHIB falls below this vital zone, the door might open for a possible drop towards $0.000008, resulting in the token adding another zero to its price.
At present, all eyes are on Shiba Inu’s ability to defend its current levels. Technical traders wait patiently for signs of a sustained rebound, hoping that bulls will successfully protect the $0.000011-$0.000012 zone and prevent any further decline.
If SHIB manages to push past this critical support level, it may prompt a rise towards $0.000013 and $0.000016.
Source: u.today
