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Shiba Inu Adds Zero to Its Price Point as Key Altcoins Decline

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Sun, 12/06/2022 - 17:30
Shiba Inu Adds Zero to Its Price Point as Key Altcoins Decline
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Shiba Inu has added an extra zero to its price tag as it returns to levels last seen in early October 2021, from where it rallied thousands of percent. Shiba Inu rose to reach an all-time high of $0.000088 on Oct. 28, 2021. After trading for a while near the support at $0.000010, bulls lost ground amid the latest price declines in the market. Shiba Inu dipped to lows of $0.0000083 on June 12 and is currently dabbling in support. The next stop might be near the $0.000007 mark if this support fails.

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To resuscitate it for an uptrend, buyers might have to push the price above the barrier at $0.0000146, or the price might return to its current consolidation range.

According to WhaleStats, SHIB has returned to the top 10 assets by trading volume among the 500 biggest ETH whales in the last 24 hours.

Shiba Inu also faces buying pressure from whales, ranking among the top 10 most-purchased tokens among the 500 biggest ETH whales. At the time of publication, SHIB was trading down nearly 11% at $0.00000856, in line with recent crypto market declines. This has caused the average Shiba Inu balance and the value held by whales to drop. Presently, the top 500 ETH whales are "hodling" $544,698,614 worth of SHIB.

Amid widespread selling, Shiba Inu has fallen to the 17th spot in the cryptocurrency ranking by market capitalization, relinquishing the 16th spot it had previously held to Avalanche.

Shiba Inu gets media attention

As shared by Shiba Inu's lead developer, Shytoshi Kusama, SHIB was featured in a radio program on one of the top-rated FM channels, "Urbana Play 104.3 FM," based in Buenos Aires, Argentina.

Shytoshi Kusama also reshared Welly's tweet, stating that the last and public stage of the Welly NFTs has gone live, where the remaining NFTs are expected to be minted.

Shedding light on the purpose of the Welly NFTs, Shiba Inu's lead developer earlier stated that the NFTs were created to act as membership instruments that act as smart contracts for particular Welly locations. He says that was the sole reason for the low price of 0.12 ETH to begin with.

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