The cryptocurrency Shiba Inu (SHIB) is experiencing a price decline as investors take profits following a weekend rise.
Price Dynamics of Shiba Inu
Shiba Inu is mirroring Bitcoin's price movements, which fell from a record high of $123,000 to below $117,000, a drop of approximately 5%. As of publication, SHIB was down 5.8% in the last 24 hours to $0.00001296 after briefly hitting a six-week high of $0.00001416 during Monday's trading.
Support at $0.000011
According to IntoTheBlock data, 99.75 trillion SHIB were accumulated by 325,430 addresses at an average cost basis of $0.000011. This makes it one of the largest and most critical demand zones for SHIB. With the current price still above this level, holders are likely to defend this zone to prevent further price drops.
Shiba Inu's Prospects in 2025
Since the beginning of 2025, Shiba Inu has sustained without adding an extra zero to its price, as the $0.00001 level has held strong. If the SHIB price holds at current levels and market sentiment improves, it may lead to further strengthening.
Despite the recent decline, Shiba Inu maintains strong support from holders, which may contribute to its continued strength in the market.
