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Dog-themed cryptocurrency Shiba Inu (SHIB) is trading down in the early Tuesday session as the crypto market experienced profit-taking, as investors locked in gains achieved during the weekend rise.
Shiba Inu is replicating Bitcoin's price movement, with the latter falling from Monday's record high of $123,000 to trade below $117,000, or about 5% below the top, following one of its largest profit-realization occurrences.
At press time, SHIB was down 5.8% in the last 24 hours to $0.00001296. Shiba Inu briefly reached a six-week high of $0.00001416 during Monday's trading session before encountering resistance.
While a 6% drop in the last 24 hours may appear worrying on the surface, it has brought Shiba Inu to a crucial support zone, one that is fiercely defended by a large number of holders.
99 trillion for SHIB, not to add zero
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, according to on-chain data.
With the current price still above this cost basis, these addresses are likely to hold the line and prevent SHIB from falling further, as dipping below this level would push a significant number of wallets into the red. The strong presence of holders and support near $0.000011 suggests the potential for a bounce or at least sideways consolidation.
If the SHIB price holds current levels and market sentiment improves, SHIB will keep an extra zero off the charts.
Likewise, since the start of 2025, Shiba Inu has sustained without adding an extra zero to its price, as the $0.00001 level has held strong.
Vladislav Sopov
U.Today Editorial Team