Shiba Inu cryptocurrency has again reached a significant milestone of 100 trillion tokens, reflecting optimism among investors.
Cryptocurrency Market and SHIB
According to on-chain data from IntoTheBlock, about 100.54 trillion SHIB tokens are currently 'in the money'. This indicates that these tokens were purchased at a lower price and are now profitable for their holders. The total value of these tokens is approximately $1.16 billion.
SHIB Price Dynamics
The price of SHIB rose over the weekend, climbing from a low of $0.00001106, before slightly retreating at the start of the week. As of the time of publishing, the price is down 1.42% in the last 24 hours to $0.00001142. The current price structure of SHIB has formed an 'inside-week' candle, indicating a potential for further upward movement.
Prospects for Shiba Inu
For sustained growth, SHIB needs to break above the daily moving averages of 50 and 200 around $0.000013 and $0.0000156. Support at $0.00001, where the price decline was halted on June 22, may also play an important role in further price movements.
Reaching the 100 trillion SHIB profitability mark brings hope for recovery. The future of Shiba Inu will depend on the ongoing price dynamics and the presence of support at key levels.
