Shiba Inu (SHIB) Price Jumps On Growing Support From 1.4 Million Holders

Name	Symbol	Market	Market Cap ($)	Algorithm
Prime	PRIMEUSD	Crypto	350,059,468	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Prime

PRIMEUSD

Crypto

350,059,468

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.040	0.63%	6.43	6.43	6.43

Price Change

Price Change %

Current Price

Bid Price

Offer

0.040

0.63%

6.43

High Price	Low Price	Open Price	Prev. Close	52 Week Range
6.46	6.39	6.41	6.39	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

6.46

6.39

6.41

6.39

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:41:00	12.00	6.43	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:41:00

12.00

6.43

USD

Price x Volume	Volume	Base Symbol	Related Pairs
40,182.24	6,249.13	PRIME

Price x Volume

Volume

Base Symbol

Related Pairs

40,182.24

6,249.13

PRIME

Shiba Inu (SHIB) Price Jumps On Growing Support From 1.4 Million Holders

20/04/2024 7:00pm

NEWSBTC

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is making headlines again. After a rollercoaster year in 2023, the canine-themed meme coin is exhibiting signs of life in the first half of 2024. Related Reading: Ethereum Fueled Up: Will 320 Million USDT Inflow Ignite Price Surge? With a growing holder base, a strategic support network, and a recent price jump, SHIB seems poised for a potential climb. However, lingering sell pressure and the ever-present shadow of its all-time high keep investors cautious. Shiba Inu Finds Strength In Numbers SHIB’s popularity continues to rise. The number of Shiba Inu holders on the Ethereum blockchain has surpassed a staggering 1.4 million, a new milestone that reflects the coin’s expanding reach. This surge in holders indicates a growing community of believers in SHIB’s potential, potentially translating to a more stable and resilient market presence. #Shiba holders reaching 1.4M mark 🔥🔥🔥 We just grow,only up!!!#Shibarium #shib #bone #leash #crypto #ShibaSwap #ShibTheMetaverse #btc #eth # pic.twitter.com/Ha1R7phBOt — SHIBKIND 🔥 (@SHIBKIND) April 19, 2024 Shiba Inu Establishes Support System For Price Stability Beyond the expanding holder base, SHIB has built a strategic support system that could act as a safety net in case of price fluctuations. These zones, dubbed “support clusters,” sit at $0.00001 and $0.000014, and concentrate buying pressure zones. Essentially, a significant number of holders originally bought Shiba Inu at these price points, meaning a large number of tokens would be bought again if the price dips below these levels. Total crypto market cap currently at $2.259 trillion. Chart: TradingView Additionally, data suggests that a large portion of current SHIB holders are in profit. This metric, often visualized as “In & Out of the Money” by blockchain analysis tools, incentivizes them to hold onto their tokens rather than sell at a loss. Shiba Inu Still Barks For Its All-Time High Despite the positive developments, a cloud of caution hangs over SHIB. The current price sits comfortably above the aforementioned support clusters, but it remains significantly lower than its all-time high of $0.00008616, reached in the meme coin frenzy of 2021. Related Reading: Buckle Up, Injective (INJ) Primed For Takeoff Towards $50 — Analyst Furthermore, while the recent price increase is encouraging, there’s still more sell pressure than buy pressure in the spot markets. This imbalance suggests that some investors are eager to cash out, potentially hindering a sustained price surge. The Road Ahead For The Meme Coin Shiba Inu’s future remains uncertain. While the recent developments paint a cautiously optimistic picture, the meme coin market is notoriously volatile. The success of SHIB hinges on several factors beyond its current holder base and support structure. Continued positive developments in the broader cryptocurrency market, increased utility for the SHIB token itself, and a potential reduction in sell pressure are all crucial for a sustained price increase. Featured image from Pexels, chart from TradingView

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