Shiba Inu’s SHIB token has successfully established a strong support level at $0.00001, thanks to the ownership of approximately 397,000 addresses holding 2.44 trillion SHIB tokens.
Despite facing bearish pressure, SHIB has shown resilience and is potentially on the path to recovery. Its short-term bullish sentiment depends on surpassing the 50-day EMA at $0.00002781.
Shiba Inu has created a significant support level at $0.00001, ranging from $0.000008 to $0.000014. Data from IntoTheBlock, a blockchain analytics platform, reveals that around 397,000 Shiba Inu addresses collectively own about 2.44 trillion SHIB tokens, acquired at an average price of $0.00001.
This support level, spanning $0.000008 to $0.000014, indicates considerable buying activity and suggests potential market stability within this price range. It acts as a protective barrier against sharp price declines for SHIB and serves as a support zone for market corrections.
The price of SHIB has experienced significant fluctuations this year, especially leading up to the Bitcoin halving event. It reached a low of $0.0000088 on February 5 and peaked at $0.000035 on March 5. The $0.00001 support level acts as a psychological barrier against substantial price declines.
Currently trading at $0.00002315, SHIB has seen a 5.38% increase in the last 24 hours, indicating a potential recovery from recent losses. It rebounded from the $0.00001830 level on April 13, demonstrating its resilience against bearish pressure. To shift to a bullish sentiment in the short term, SHIB would need to surpass the 50-day EMA at $0.00002781.
Despite its relatively low value, large SHIB holders, known as whales, have remained steadfast. According to Crypto News Flash, six SHIB addresses have each held exactly five trillion SHIB tokens for over two years, acquired in March 2021, shortly after the project’s launch. These holdings, valued at over $110 million, have endured even amidst market fluctuations. During the recent price drop to around $0.000018, SHIB whale addresses continued to accumulate, acquiring over 223 billion tokens.
Shiba Inu has formed a strategic partnership with the Content Delivery & Security Association (CDSA) to address security and rights management issues in the media and entertainment sectors using its layer-2 blockchain solution, Shibarium. CDSA includes industry giants like Apple, Amazon, and Netflix in its membership. This partnership, announced on April 11, signifies the growing acceptance of blockchain technology as a solution for safeguarding and authenticating digital content.
Shytoshi Kusama, the lead developer of Shiba Inu, discussed the partnership’s potential in an interview with The Shib Magazine. He emphasized Shibarium’s ability to address long-standing concerns in the industry, particularly regarding the protection of digital media assets. Kusama highlighted Shibarium’s adaptability as a technological framework, stating, “We have various components to offer any company, project, city, or country the opportunity to build on an exceptional technological infrastructure.”