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Shiba Inu has established pivotal support at $0.00001, ranging from $0.000008 to $0.000014. Nearly 400,000 addresses procured 2.44 trillion SHIB tokens.
This is according to data from the blockchain analytics resource IntoTheBlock. The platform confirms that exactly 397,000 Shiba Inu addresses hold approximately 2.44 trillion SHIB at the average price of $0.00001.
Ranging from $0.000008 to $0.000014, this support level reveals significant buying pressure and the potential for market stability at this price range — effectively functioning as a cushion for dumps in SHIB price.
Shiba Inu Whales Hold Strong
SHIB price movement has witnessed fluctuations this year, leading up to the Bitcoin halving. Falling as low as $0.0000088 on Feb. 5 and hitting as high as $0.000035 on March 5, the support level at $0.00001 functions as a psychological barrier against a steep price decline.
Shiba Inu currently changes hands at $0.00002226, up 1.78% over the last 24 hours as it looks to recover the recent losses. SHIB’s current position came from the rebound of the $0.00001830 level on April 13, where it demonstrated stern resilience against the bears. Shiba Inu would need to breach the 50-day EMA at $0.00002781 to witness a bullish shift in short-term sentiments.
However, despite the low value, whales have held strong. Interestingly, The Crypto Basic recently discovered that six SHIB addresses have each held precisely five trillion SHIB tokens for over two years. Worth over $110 million, the tokens were acquired on March 31, 2021, just seven months after the SHIB project launched.
Despite the ongoing market fluctuations, as Bitcoin (BTC) price looks to break below $60,000, SHIB whale addresses have continued to accumulate — amassing over 223 billion tokens in the recent price drop to around $0.000018.
The established support level at $0.00001 can potentially provide a buffer against market volatility and geopolitical influences in the coming months after the Bitcoin halving event. However, if SHIB history repeats, it could record significant gains, soaring again over 880,000% to a market value of $0.20 per token.