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Shiba Inu at Risk? 91 Trillion SHIB Suddenly Important as Market Drops
The market volatility and anticipation of the Federal Reserve’s interest rate decision have led to a significant drop in the price of Shiba Inu (SHIB), with the token falling by 5.28% to $0.00001272 within the last 24 hours.
However, this recent drop has sparked concern among investors as Shiba Inu is currently testing support in the range of $0.000008 to $0.000013, where a massive 91 trillion SHIB tokens are being held by various addresses. This significant concentration of SHIB tokens indicates that approximately 302,740 addresses are holding their assets within this price band, making it a critical battleground between bulls and bears.
In the event that support is maintained above this level, it could potentially lay the groundwork for a potential rebound in the days ahead. Conversely, if SHIB fails to hold above the SMA 50, a retest of the next support levels, possibly towards $0.00001, might be seen.
It appears that Shiba Inu’s movement is currently being monitored closely by traders and investors alike as this critical juncture could have significant implications for its long-term prospects.
Source: u.today
