The Shiba Inu price saw a decline alongside the rest of the market in Thursday's trading session. The market fell precipitously, with Bitcoin plunging near the $40,000 level. Shiba Inu likewise sharply fell, plunging to lows of $0.00000894 before slightly recovering.
At the time of writing, SHIB was still down 0.15% in the last 24 hours to $0.00000934 as bulls made frantic recovery attempts.
Shiba Inu has been on a notable decline since the week's start, seeing only one green day since Sunday. While there might be indications of a relief rally in the days ahead, given prolonged selling, the likelihood of a dead cat bounce cannot be ruled out.
A dead cat bounce occurs when the price makes a slight recovery to resume its previous downtrend. Either way, it goes, the bulls have a soft landing: a 70 trillion SHIB support.
According to on-chain data from IntoTheBlock, near where SHIB trades presently is a massive support that might act as a backstop for further declines.
Per IntoTheBlock data, 70.45 trillion SHIB were bought by 106,580 addresses in the price range of $0.000008 to $0.000009, which acts as an immediate support for the SHIB price.
This holds technically, as SHIB has rebounded three times so far in January from the $0.0000085 and $0.00000894 levels.
LEASH scores new listings, Shibarium transactions grow
Shiba Inu layer 2, Shibarium, sustained growth in its daily transactions, marking 2.63 million transactions in the last 24 hours.
Shibarium's network metrics have likewise grown at a significant rate since its launch in August 2023; total transactions are now at 294,909,431. Wallet addresses are now at 1,342,314, while total blocks are at 2,725,248.
Meanwhile, the Shiba Inu ecosystem token, DogeKiller (LEASH), has scored a listing on the new trading platform, Earnbit, which listed SHIB earlier this week.