Shiba Inu Price News: SHIB Suffers 29% Price Drop as SHIB Investors Flock to IBET
In recent days, Shiba Inu (SHIB), the popular dog-themed cryptocurrency, has seen a notable decline in its price, driven by a wave of profit-taking across the crypto sector.
Should today’s trading end in the red, SHIB would experience its third straight day of declines, leading to a weekly drop of 29%. As of the latest update, SHIB’s value decreased by 15% in the past 24 hours, reaching $0.00002476. This downturn occurs amidst a general slump in cryptocurrency markets as the week concludes, prompted by investors’ reactions to unexpectedly high inflation figures released on Thursday.
Despite this setback, Shiba Inu has impressively maintained its position at the critical 81 trillion SHIB threshold, demonstrating its durability amid market volatility.
Data from IntoTheBlock reveals that at Shiba Inu’s current trading level, approximately 81.94 trillion SHIB has been acquired by 115,950 addresses within the $0.000022 to $0.000028 price range, averaging at $0.000025.
This maintenance is vital for SHIB investors’ confidence, suggesting a stable base and a chance for rebound. However, beyond its current price, support weakens, as only 35.53 trillion SHIB was bought by 29,290 addresses at an average of $0.000021, within the $0.000019 to $0.000022 price bracket.
This situation stems from Shiba Inu’s swift rally in early March, which provided limited opportunity to establish firm support within its recent price range. Looking forward, Shiba Inu encounters a smaller obstacle within the $0.000028 to $0.000031 zone, where 15.31 trillion SHIB was traded among 39,310 addresses, averaging at $0.000029.
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