The dog-themed cryptocurrency Shiba Inu (SHIB) has added another zero to its price, disappointing bulls. At the time of writing, SHIB was down 3.23% in the last 24 hours to $0.0000097.
Shiba Inu had sustained above the $0.00001 mark in early yesterday's trading; U.Today reported how bulls made persistent efforts to save SHIB from losing this level and thereby adding an extra zero to its price tag.
The Shiba Inu bulls' attempt, however, reached an impasse when bears invaded the market. Bitcoin (BTC) precipitously fell almost 10%, as the euphoria over the Bitcoin ETF approval this week gave way to a massive rout.
Shiba Inu likewise dropped, falling from highs of $0.0000103 to $0.0000093 before slightly rebounding to where it presently trades.
In the process, SHIB once again fell below the crucial daily MA 50 support at $0.00000983. If SHIB reclaims this level, it might proceed to retest the $0.0000105 level once again, prompting bulls to set sights on the $0.000011 mark.
On the contrary, $0.0000085 seems to be a major support for SHIB, with the price rebounding from this level on two occasions in January. If this is breached, SHIB might target the $0.0000839 level, which coincides with the daily MA 200 next.
Shiba Inu whales unrelenting
As Shiba Inu strives to erase the extra zero added to its price tag, Shiba Inu whales seem to be waking up and making moves on the market.
According to IntoTheBlock data, Shiba Inu's large transaction volume was slightly up 11.69% in the last 24 hours. A total of 7.12 trillion SHIB represents the volume of large transactions, which refers to those above $100,000. This amounted to $72.16 million in monetary terms.
Spikes for this category of transactions usually depict increased activity among whales, either buying or selling.