Shiba Inu Has 200 Trillion SHIB Sitting at Two Major Support Levels, Here's What It Means

Shiba Inu might be more resilient than we think, with its concentration of 200 trillion tokens on two specific support levels, according to IntoTheBlock. These levels are located at $0.00001 and $0.000006 and could signal a strong buying opportunity for those looking to invest in the coin.

IntoTheBlock's Global In/Out of the Money (GIOM) indicators classify addresses based on whether they are profiting, breaking even or losing money on their positions at current prices. The platform calculates an address's average cost based on the weighted average price at which it bought or received tokens currently held by the address. It then categorizes addresses and tokens accordingly, to obtain an aggregate view of profitability for a particular crypto asset.

While Shiba Inu is currently trading at $0.000012, it still has a long way to go to reach the aforementioned resistances. However, the concentration of tokens at these specific levels could potentially signal a strong buying opportunity for investors looking to get in on the action.

It is important to note that Shiba Inu has faced criticism for its lack of utility, with some likening it to a meme coin. However, the coin's popularity and concentration of tokens at specific support levels cannot be ignored.

Shiba Inu has been recently facing increased selling pressure as more decentralized platforms are offering high yields on SHIB farming, which attracts some funding to the meme token but creates significant pressure in the foreseeable future.

Recently, SHIB has bounced off of the 50-day moving average and has been moving upward since then.