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Dog-themed cryptocurrency Shiba Inu (SHIB) is currently ranging in a crucial support zone. The coin is trading in a narrow range of $0.000011 to $0.000012, and whether it sustains this level or falls lower might have an impact on its short-term price action.
According to IntoTheBlock data, 8.47 trillion SHIB tokens are held in the current price range. These holdings form a defensive wall against a possible decline to the next lower range at $0.000008 to $0.000011, where an even larger 39.32 trillion SHIB were previously accumulated.
At press time, SHIB was up 1.16% in the last 24 hours to $0.00001138. A solid hold at the $0.000011-$0.000012 level might pave the way for a rebound, particularly if overall market sentiment improves.
However, if SHIB falls below this support range, the door might open for a possible drop toward $0.000008, which would result in the token adding another zero to its price.
For now, all eyes are on SHIB’s ability to sustain current levels. Technical traders are waiting for signs of a sustained rebound, hoping for bulls to defend the $0.000011-$0.000012 zone and prevent a further slide. A bullish reversal from here could trigger a rise toward $0.000013 and $0.000016.
Shiba Inu mega holders skyrocket
According to the most recent data from IntoTheBlock, the number of addresses with 10 trillion to 100 trillion SHIB has climbed by 40%, indicating a surge in Shiba Inu mega holders.
This 40% increase in whale-sized wallets indicates that large holders are either entering or expanding their stakes in Shiba Inu. These addresses typically belong to institutional players, exchanges, early adopters or major crypto funds, which frequently accumulate ahead of anticipated market movements or key developments.
In the most recent development, Shiba Inu lead ambassador Shytoshi Kusama has broken his silence on what is in store for the Shiba Inu ecosystem in July. Kusama wrote in a recent tweet, "JULY is... JUL-AI. Prepare for many announcements, releases, and discussions around everything we've built thus far and where we see the future going. Talk soon."
Vladislav Sopov
U.Today Editorial Team