New information about price support for Shiba Inu could significantly impact the meme coin market. This article examines the current situation and future outlook.
Support at the $0.000011 Level
Data from IntoTheBlock shows that 43.8 trillion SHIB was acquired at a price of $0.000011 across 222,450 addresses, forming strong support for the meme currency.
Most Holders in Loss
According to CoinMarketCap, Shiba Inu's current trading price is $0.00001153, just $0.00053 above the acquisition price, indicating that many holders are under pressure and may begin to sell if the price continues to drop.
Support from Whales and Burn Rate
Whale activity in accumulating Shiba Inu could aid in a potential price recovery. There has been an increase in the burn rate of tokens, which may also provide support. A recent 6,306% spike in whale inflows indicates potential positive changes.
The current situation around Shiba Inu remains concerning, with many investors facing losses. The future price of the meme coin will depend on the actions of prominent investors and the overall market conditions.
