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Dog-themed cryptocurrency Shiba Inu (SHIB) is eyeing a push toward $0.000014, but a 236 billion SHIB supply could determine its next major move. According to IntoTheBlock data, 236.46 billion SHIB are currently being held at $0.000014 by 3,780 addresses.
A breach of this minor resistance would allow SHIB to reach $0.000014 and aim for a potential breakout of its next target, a major resistance where 548 trillion SHIB are being held. According to IntoTheBlock data, there is a 548.64 trillion SHIB supply held by 162,610 addresses in the range of $0.000014 and $0.000019, with a breach hinting at major gains for SHIB price.
On the other hand, failure to breach the $0.000014 level could result in consolidation or a minor correction before another rally attempt. Currently, all eyes are on Shiba Inu’s next move as it inches closer to this critical price level. In the event of a decline, support is anticipated at $0.0000108, which halted SHIB's price fall on March 11.
Tomiwabold OlajideAt the time of writing, SHIB was up 0.7% in the last 24 hours to $0.00001285 and up 6% weekly.
For the past two days, Shiba Inu has oscillated in a tight range between $0.00001227 and $0.000013 as traders await the market's next move.
Market shift incoming?
In a recent tweet, IntoTheBlock reported that the combined meme coin market cap had returned to levels seen in the third quarter of last year and highlighted key on-chain indicators to watch for a shift.
Arman ShirinyanThese include the number of traders, with short-term traders often signaling new retail engagement. While most meme coins are still showing a downward trend in this metric, a reversal could mark a key turning point for the market.
Second are transaction volumes, which reflect usage growth, even if not necessarily driven by new users. Higher transaction counts often signal increased utility and a more engaged community, which are key elements for sustained growth.
Last is holder profitability. Monitoring the percentage of holders in profit can reveal overlooked opportunities. If profitability is down yet usage is rising, it may indicate upside potential worth exploring.
Vladislav Sopov
Dan Burgin