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Top Trader Says Shiba Inu is Blue Chip Coin That Will Benefit Holders

Mark Brennan
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Top Trader Says Shiba Inu is Blue Chip Coin That Will Benefit Holders

Crypto trader Vapor endorses Shiba Inu as a blue chip meme coin, citing its recovery potential in the upcoming altcoin season.

Over the past month, Shiba Inu (SHIB) has seen its price fall significantly, shedding over 40% of its value since reaching a monthly high of $0.00002874 on May 29. At press time, SHIB was trading at around $0.00001691. This downturn reflects broader market challenges, primarily driven by recent Bitcoin value declines to the $60K range.

Shiba Inu Is Blue Chip Project

Despite the downturn, the sentiment around SHIB remains surprisingly high. Prominent voices in the crypto community, such as pseudonymous trader Vapor, have endorsed SHIB as a blue chip among meme coins. He points to its considerable potential in upcoming alt seasons, suggesting a strong recovery could be on the horizon.

 

In his tweet, Vapor elaborated on the prevailing sentiment within the crypto community, where many believe that meme coins are destined to fade away like NFTs. However, he refutes these notions by asserting that such pessimistic views often stem from individuals who have previously mismanaged their Bitcoin investments.

Despite their inherent risks, Vapor posits that meme coins offer substantial financial opportunities. He distinguished a few, like Shiba Inu, which he described as a blue-chip project that has achieved significant exchange listings and garnered a dedicated community. 

Vapor’s list of blue-chip meme coins also includes Dogecoin, Floki, PEPE, BONK, and WIF, which are essentially the most valuable meme-based projects in the market.

According to him, these assets stand out due to unique attributes, such as the development team selling their allocations at significantly lower valuations, which leads to excellent stability and widespread popularity among retail investors.

Moreover, the analyst stressed the advantages of these meme coins in their lack of dilution and broad appeal among retail investors. These attributes make them attractive candidates for holding through future alt seasons.

SHIB to Benefit from Altcoin Season

The trader believes these coins’ momentum and mass appeal can drive significant attention, even among seasoned crypto enthusiasts. This sentiment is supported by the historical performance of coins like Shiba Inu, which soared by over 884,000%  during previous market cycles to its ATH of $0.00008845.

Accordingly, the trader concluded that his list of blue-chip meme coins is well-positioned to benefit from the much-anticipated altcoin season. The trader pointed out that even if new categories of altcoins emerge, the ultimate determinants of success will be the choices made by retail investors during the latter stages of a bull run.

Given the current landscape, Vapor anticipates that retail investors will continue to gravitate towards established, exchange-listed meme coins like SHIB, similar to patterns observed in 2021. 

Market Projections for Shiba Inu 

Meanwhile, reports from The Crypto Basic suggest Shiba Inu could reach the unprecedented price of $0.0000968 if Bitcoin’s growth trajectory towards $350k materializes. Other analysts have also made various projections.

Analysts like Sam TCR from TradingView believe SHIB could hit $0.0001 with an upcoming market recovery. Other market watchers have voiced similar sentiments, anticipating SHIB will reach $0.0001011 after breaking out of its symmetrical triangle.

New Shiba Inu Whale Moves 1,087,988,359,122 SHIB to Binance, Secures $8.3M Profit

Sam Wisdom Raphael
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New Shiba Inu Whale Moves 1,087,988,359,122 SHIB to Binance, Secures $8.3M Profit

A new Shiba Inu whale address secures a profit of $8.3 million after recently moving over 1.08 trillion SHIB tokens procured last December to Binance for liquidation.

This bullish development comes amid the ongoing market turbulence. Shiba Inu has been in bearish momentum, with investor angst reaching multi-month levels as the bears threaten a collapse toward the pre-March rally. Data from market resource IntoTheBlock indicates that 643,400 addresses, 47.94% of total wallets, are witnessing losses on their holdings.

Shiba Inu GIOM IntoTheBlock
Shiba Inu GIOM | IntoTheBlock

Meanwhile, about 640,090 addresses, representing 47.69% of the total Shiba Inu wallets, are in the money or seeing gains. This shows that Shiba Inu addresses observing losses on their investments are now greater than those seeing gains for the first time since early March.

Shiba Inu Investor Rakes in $8.3M Profit

Despite this bearish metric, periodic on-chain data provides insights into respective profitabilities of some investors. Lookonchain, a blockchain surveillance resource, recently called attention to one such investor, a whale address that made millions in profits from procuring SHIB a few months back.

According to Lookonchain, the address moved 1,087,988,359,122 (1.08 trillion) SHIB to a Binance exchange deposit address today at 10:41 UTC. Interestingly enough, Lookonchain confirmed that the provenance of the funds indicate that the address had made a profit of $8.3 million if the whale sold the tokens.

Notably, the whale procured these 1.08 trillion Shiba Inu tokens on Binance in the fourth quarter of 2023 at an average price of $0.000009255. The investor amassed the assets across three transactions involving 250 billion SHIB, 600 billion SHIB and 237 billion SHIB respectively on Nov. 24, Dec. 4 and Dec. 22 last year. 

The investor then moved the tokens, which were purchased with a total of $10.07 million, out of Binance. Lookonchain stressed that if he had sold the assets at the Shiba Inu yearly peak in March, he would have realized a profit of $29 million. Instead, the whale appears to have sold during the ongoing market downturn, but still realized a profit of $8.3 million.

The latest development confirms that investors can still secure massive profits with Shiba Inu despite the current market conditions. However, such massive gains would require substantial investments. The Crypto Basic disclosed in March that a whale made $23.5 million profit from a Shiba Inu investment within two months. 

Bitcoin Tanks to $60,675 As Mt Gox Confirms Repayment Date

Abdulkarim Abdulwahab
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Bitcoin Tanks to $60,675 As Mt Gox Confirms Repayment Date

Bitcoin and the broader crypto market see an accelerated price slump as bankrupt exchange Mt Gox confirms its repayment date.

The unyielding bearish momentum in the crypto market has intensified in the last few hours, with Bitcoin hitting a low of $60,675 at press time. This new bottom further brings the premier asset down by over 15.6% from the $71,907 it sold for just two weeks ago.

Earlier today, Bitcoin briefly rallied to $64,382, stabilizing around $62K before the latest crash to the $60K region. The price slump emerged just as the bankrupt Japanese crypto Mt. Gox issued a crucial announcement about its repayment plans for investors.

Mt Gox Confirms Date of Repayment

According to Mt. Gox’s report, the necessary preparations for repaying creditors have been completed. As a result, it plans to commence distributing BTC and BCH in early July 2024. Moreover, Mt. Gox disclosed implementing the required regulatory measures to ensure a smooth and compliant repayment process. 

Notably, the exchange’s troubled history dates back to February 2014, when it suspended trading, shut down its website, and filed for bankruptcy after 850,000 BTCs were stolen. The theft led to a protracted reimbursement process for users with trapped funds.

The exchange has finally reached a turning point, as users now have a date to expect reimbursement after a decade. However, Mt. Gox’s announcements concerning its repayment plan have repeatedly triggered significant sell-offs in the market.

Late last month, Mt. Gox transferred 140,000 BTC, valued at over $9 billion, to an anonymous address, coinciding with an update on its repayment plan. The plan allows stakeholders to choose between receiving direct repayment in BTC and BCH through designated exchanges or an equivalent cash amount.

Despite Mt. Gox’s assurance that no tokens were sold during the transfer, the crypto market reacted sharply. Bitcoin’s price plummeted from the $70,000 region to $67,000 within a few hours, highlighting the market’s sensitivity to Mt. Gox’s actions.

Now, the crypto market is again grappling with another Mt Gox-induced bearish pressure as market watchers are increasingly cautious about getting caught off guard when the exchange begins liquidating its Bitcoin reserve.

Experts Say Shiba Inu Going to $100B, Assert SHIB is Good to Size Up Portfolio

Abdulkarim Abdulwahab
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Experts Say Shiba Inu Going to $100B, Assert SHIB is Good to Size Up Portfolio

Various analysts have identified Shiba Inu as a promising investment during the current market downturn, with some suggesting it could reach a $100 billion market cap.

In a recent post on X, Blockchainedbb, a pseudonymous full-time crypto analyst, described Shiba Inu as an easy-to-hold asset and recommended it for investors looking to “size up” their portfolio.

Shiba Inu is Good to Size Up Portfolio

The analyst shared this perspective in response to an inquiry concerning the prospects of a SHIB investment amid the ongoing market correction. Blockchainedbb advised that individuals with smaller portfolios may consider ultra-low-cap assets with good reputations, as they are safer than meme coins and offer better returns than mid-caps. 

While acknowledging that SHIB is a large-cap cryptocurrency, the analyst still recommended it as a buy. According to Blockchainedbb, SHIB is less volatile due to its market cap, making it easier to hold compared to ultra-low-cap meme assets that could drop by over 50% during market corrections.

 

Notably, Shiba Inu hovers around $0.00001696 at press time, down by over 15% in the last seven days. Meanwhile, on a 30-day scale, Shiba Inu shoulders a more substantial 30% loss, putting its valuation at $9.98 billion.

While Shiba Inu has briefly lost the $10 billion market cap threshold, other ambitious market watchers have expressed confidence that the asset could claim a valuation of $100 billion despite the current low sentiment prevalent in the market.

Shiba Inu On Track to $100B Cap

In a separate conversation, widely followed analyst Zach Humphries asserted that Shiba Inu remains on track for a $100 billion market cap this cycle. Humphries also suggested that Shiba Inu contenders like PEPE could boast a $50 billion cap by next year.

Notably, a $100 billion cap would elevate Shiba Inu’s market price to $0.0001697, which reflects a potential 904.14% from its current value of $0.000017. 

Meanwhile, Humphries is not the only community pundit who has projected this ambitious threshold for Shiba Inu. During the height of the Shiba Inu frenzy in March, analyst JAKE Gagain asserted that SHIB could even hit a $100 billion valuation before Dogecoin.

Amid this recent discussion, some have pondered whether crypto exchanges like Coinbase could handle the heightened market activities resulting from a $100 billion cap for SHIB.

German Government’s Bitcoin Holdings Rise to $3B+ Despite Selling 3K BTC

Zabi
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German Government’s Bitcoin Holdings Rise to $3B+ Despite Selling 3K BTC

The German government seized 50,000 Bitcoin and recently sold 3,000 BTC, but now holds over $3 billion in BTC, with $1.1 billion unrealized profit from the Bitcoin price surge.

According to Ki Young Ju, Founder & CEO of CryptoQuant, the German government seized 50,000 Bitcoin, selling approximately 3,000 BTC. Notably, the recent surge in Bitcoin prices has led to a $1.1 billion unrealized profit, pushing the value of Germany’s remaining Bitcoin holdings to $3.24 billion.

The chart by the CryptoQuant founder dubbed “BTC Unrealized Profit: German Government (BKA)” shows a correlation between Bitcoin’s price and the unrealized profit of the German government’s holdings. As Bitcoin’s price increases, so does the unrealized profit, particularly evident from January 2024 onwards. 

Analysis of German Government Bitcoin Holdings

It is important to note that Germany’s Bitcoin holdings are now the fourth-largest among various governments, holding 50,000 BTC. This amount places Germany behind the United States, China, and the United Kingdom in terms of total Bitcoin holdings. 

Comparatively, the United States holds the largest amount with 213,246 BTC, valued at $13.7 billion, followed by China with 190,000 BTC at $12.2 billion. The United Kingdom holds 61,000 BTC, valued at $3.9 billion. Germany’s supply ratio of 0.253% reflects its influence in the Bitcoin market, despite being smaller than the top holders.

Specifically, Ki Young Ju’s post highlights that China likely sold a significant portion of the seized Bitcoins in 2019, as PlusToken holdings were transferred to Chinese exchanges. However, the Chinese government has not officially confirmed these actions.

Bitcoin Transfers Spark Selloff Concerns

The recent sale by the German government follows the movement of a significant number of tokens. Per The Crypto Basic, the government transferred 6,500 Bitcoin worth approximately $438 million to crypto exchanges, following the seizure of these assets from the operators of the piracy website Movie2k.to. 

This move comes after the Federal Criminal Police Office (BKA) seized nearly 50,000 BTC in mid-January. Meanwhile, Bitcoin has recently collapsed from the recent highs, with its current price now standing at $62,747.82, reflecting significant declines. 

Analyst Identifies Strong Shiba Inu Support Zone That Can Take SHIB Back to $0.000024

Sam Wisdom Raphael
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Analyst Identifies Strong Shiba Inu Support Zone That Can Take SHIB Back to $0.000024

A notable market watcher identified as SHIB Whale on X identifies a Shiba Inu support zone around $0.000016 that could help push SHIB back to $0.000024.

The analyst’s market commentary comes on the back of the ongoing correction that has triggered shocking declines in the Bitcoin’s (BTC) price and the prices of altcoins. Due to its higher volatility, Shiba Inu has experienced steeper slumps, currently down 33.11% this month.

Since reaching a high of $0.00002945 on May 29, Shiba Inu has been on a downward slope, recording lower lows and lower highs on the daily timeframe. This has led to the formation of a descending channel on the daily chart, as pictured below, with a resistance stationed at $0.00002622 and a support around the $0.000016 region.

Shiba Inu Downward Channel
Shiba Inu Descending Channel

Such a channel indicates that investor sentiment is bearish, with consistent selling pressure causing prices to fall. However, it also shows occasional rallies that are unable to break above the resistance at the upper trendline despite this resistance constantly dropping to lower levels.

Shiba Inu Finds Support at $0.000016

Leveraging a 2-hour chart, analyst SHIB Whale revealed that Shiba Inu currently trades within a descending triangle amid the ongoing price decline. The formation of this triangle began at the start of the month, with SHIB now close to the peak of the structure. 

Interestingly, data from SHIB Whale’s chart indicates that the lower trendline of this descending triangle forms a robust support level that could help Shiba Inu hedge against any steeper declines. This support rests on the $0.00001670 price level. Per IntoTheBlock data, this zone features 58,560 addresses which procured 93.98 trillion SHIB at an average price of $0.000016.

Shiba Inu Support IntoTheBlock
Shiba Inu Support | IntoTheBlock

The analyst predicted further Shiba Inu drop to this level but projected the support to hold. Notably, Shiba Inu has already slipped to the established support level, currently changing hands at $0.00001665 at the reporting time. 

The most immediate support at this region stands at $0.00001633, representing Shiba Inu’s last line of defense. Should this level hold firmly, SHIB Whale expects Shiba Inu to leverage the support as a launchpad to reclaim the $0.000024 price level.

Prices Stabilize Amid Decreased Whale Activity 

Meanwhile, as prices look to stabilize, SHIB is now witnessing a decrease in large transactions and a drop in whale activity. According to ITB data, the volume of whale transactions worth at least $100,000 reduced to 747 billion SHIB on June 22, a weekly low, and hit 1.11 trillion tokens yesterday, still lower than the weekly average.

Shiba Inu Large Transactions IntoTheBlock
Shiba Inu Large Transactions | IntoTheBlock

In addition, transaction volume involving bulls and bears (addresses trading 1% of the 24-hour volume) has reduced. Bulls only purchased 1.18 trillion SHIB on June 23, while bears sold 1.14 trillion tokens on the same day. At this volume, the market saw an excess demand of 48.13 billion SHIB.

The reduction in large transactions amid stabilizing prices could mean that large holders (whales) are holding onto their assets rather than trading them, indicating a possible consolidation phase. 

This could suggest that the market is finding a support level, where significant selling pressure is diminishing, and investors are waiting for potential future catalysts before making large moves. The excess demand, which was also observed on June 21, could further bolster the chances of a rebound.

Market Sentiment Hits New Lows as Bitcoin Dips to $62K, Analysts See Opportunity for Major Rebound

Mark Brennan
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Market Sentiment Hits New Lows as Bitcoin Dips to $62K, Analysts See Opportunity for Major Rebound

Market experts predict an imminent market rebound for altcoins, suggesting current low valuations could signal the start of a major recovery.

For several weeks, the crypto market has been enveloped in a cloud of negativity amid the ongoing market-wide downturn led by Bitcoin. The development has created an atmosphere of FUD among crypto investors, where participants have increasingly become disinterested in the market.

Crowd Fearful Amid Bitcoin Lows

Recent insight from market intelligence platform Santiment confirms this trend, stressing that the crowd has become fearful while Bitcoin traded around the $65K range. However, the latest market data shows Bitcoin has further crashed to the $62K range today, intensifying the negative sentiment.

 

Specifically, BTC has witnessed a decline of over 12% from the monthly peak of $71,900 on June 7. This decline has significantly impacted altcoins, causing many to retest their yearly lows as investor sentiment remained bearish.

Negative Crowd Sentiment Signals End of Dip

According to Santiment, extreme negative sentiment in the market has historically signaled that a bottom is near. This starkly contrasts the peaks of positive sentiment driven by FOMO, which usually mark market tops.

Essentially, the current wave of pessimism could lay the groundwork for a significant recovery. Moreover, Santiment emphasized that the blend of trader fatigue and whales’ quiet asset accumulation suggests the market is primed to rebound.

Other independent market watchers have also voiced similar outlook about an impending rebound, drawing from historical observation.

Altcoins Set for Major Recovery

In a recent analysis, analyst Michaël van de Poppe argued that the depressed valuations of altcoins in relation to Bitcoin echo historical trends that have previously led to explosive comebacks.

He cited historical instances with prominent cryptocurrencies including Solana (SOL) soared by over 500% following a similar bearish occurrence in the past. Moreover, the analyst highlighted that Fetch.ai (FET) also engineered a 650% rise, while Render (RNDR) achieved a 300% increase during the same period.

Accordingly, Van de Poppe argued that altcoins will likely establish a similar path once the ongoing bearish trend cools off. Essentially, his insight suggests the current depressed valuations of altcoins might be the start of a bottoming phase before the much-anticipated altcoin season.

 

In an earlier update, Van de Poppe proposed that the market is in the final stages of its downward movement, with just a few weeks left before a significant market rotation begins.

Increasing his risk level to various assets, Van de Poppe anticipates the emergence of a massive rally that rewards risk-takers in the current market situation.

Solana ETF Launch in Canada Could Propel SOL Price Rebound to $150?

Mark Brennan
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Solana ETF Launch in Canada Could Propel SOL Price Rebound to $150?

Solana price held firmly above the $122 level over the weekend after the bears threatened to stage breakdown when the crypto market wobbled on June 18, on-chain data analysis explores how investors positioning for the impending SOL ETF launch in Canada could spark a bullish trend reversal in the coming week.

Solana ETF Approval in Canada Spurs Bullish Reversal

Over the past month, Solana price took a major hit as investors flocked towards Ethereum markets in search of short-term profits after the ETH spot ETF approval verdict from the US SEC.

However, as the short-term reactions wear out, on-chain data now reveals that Solana’s core investors had spent the volatile market phase positioning for potential long-term gains from the new market developments.

More so, on June 21, an investment firm in 3iQ announced that it filed a successful application to launch Solana ETFs in Canada. Since the confirmation, Solana bulls have shown strong resilience amid the month-long downtrend, preventing a breakdown below the critical $122 price level.

Solana price action | SOL/USD | TradingView
Solana price action | SOL/USD | TradingView

As seen in the chart above, Solana’s price is holding up precariously above the critical $122 support level highlighted by the lower-limit Bollinger band indicator.

But having succumbed to a 32% downswing in the last 33 days dating back to May 21, 2024, the stage now looks set for bulls to re-enter the fray and scoop the dip.

As the new trading week begins on Monday, June 24, investors will look out for fresh developments surrounding the Solana ETFs filing in Canada. It is holding up precariously. This move now looks set to spark a major bullish reversal in the coming weeks.

Screen Shot 2024 06 23 at 115539 PM
3iQ Files First Ever Solana Exchange-Traded product (ETP) in Canada | June 20, 2024 | Source: 3iQ/X

If there are positive movements around impending Solana ETP approval in Canada, the prospects of deep-pocketed Canadian hedge funds, family offices, retirement funds etc funnelling funds into Solana markets is expected to spark bullish activity among crypto-native retail and whale investors alike.

Having averted a breakdown below $122, this move could now looks set to play a pivotal  role in SOL market trends in the week ahead.

Solana Price Forecast: Imminent rebound towards $150?

Solana price has endured a considerable downward trend in the last 30-days. However, the RSI data now indicates that Solana is currently in an oversold condition, sitting at 31.59.

This could attract buyers looking to capitalize on a potential rebound. If bullish momentum picks up, the immediate resistance level to watch is the 20-day SMA at $149.74.

A break above this could set the stage for a move towards the upper Bollinger Band at $176.64, a significant resistance level that, if breached, could mark the beginning of a sustained upward trend.

Solana Price Forecast | SOL/USD
Solana Price Forecast | SOL/USD

Investors will closely monitor developments regarding the Solana ETF in Canada. Positive news could see a substantial influx of capital from institutional investors, further bolstering Solana’s price.

If the price manages to stay above $122, it could consolidate and build a base for a potential rally. Conversely, failure to maintain this support level could lead to a further decline, testing lower levels.

Lead Game Designer Forecasts XRP to Reach $250

Zabi
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Lead Game Designer Forecasts XRP to Reach $250

Chad Steingraber predicts XRP will reach $250 by 2025, citing upcoming stablecoin regulations as a potential catalyst.

Chad Steingraber, an XRP community figure and lead Game Designer, recently sparked discussions with his bold prediction that XRP could hit $250 by 2025. Despite the lack of concrete reasoning for the forecast, his statements have stirred speculation within the community. 

Steingraber suggested that XRP would initially climb to $20-$25, with most investors likely to sell at that point. Another enthusiast speculated that many might sell at even lower prices due to frustration. The game designer concurred, adding that very few would hold on for substantial gains despite many investors looking to get rich off XRP.

Market Timing and Regulatory Influence

The debate around XRP’s future intensified when another community member asked about the timing of a price surge. They speculated a market boom could happen in late July or early August, followed by a market crash and a subsequent peace deal in late 2024 or early 2025, potentially injecting wealth into markets. 

Steingraber responded by emphasizing the importance of stablecoin regulations, which he believes could be the catalyst for XRP’s rise, possibly by the end of the year or early next year.

Scarcity and Previous Predictions

Steingraber has been vocal about XRP’s potential before, recently claiming that only 21 million XRP would be available for public trading, with the rest locked in Private Liquidity Pools. This statement has faced skepticism, with many questioning the source and timing of this development. 

Elsewhere, market analysts like Javon Marks have observed patterns in XRP’s performance that resemble a previous bullish divergence, which led to a dramatic price increase between 2017 and 2018. Marks suggested that XRP could reach $10-$20 or higher sooner than many anticipate.

Current Market Trends

Ultimately, the broader crypto market is currently under pressure, with increased selling activity pushing prices downward. Bitcoin, for instance, has seen its value fall to around $64,000, a level it hasn’t reached in over a month, triggering a ripple effect across various cryptos. 

XRP has also been affected, dropping to $0.47 and experiencing a -3.82% decline in the previous week. However, XRP has shown greater resilience compared to other altcoins like Ethereum and Solana, which have seen more substantial drops. 

This market downturn is followed by reports of Ripple’s potential involvement in BRICS Pay, a digital payments platform being developed by Brazil, Russia, India, China, and South Africa, aiming to serve an additional 3 billion users. Despite the current price of $0.4717, the potential for XRP’s role in global digital payments continues to capture interest.

Shiba Inu At Critical Decision Point as 417 Trillion SHIB Tokens Hit Break-Even

Abdulkarim Abdulwahab
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Shiba Inu At Critical Decision Point as 417 Trillion SHIB Tokens Hit Break-Even

The price of Shiba Inu is now at a critical decision point as the largest concentration of the SHIB investors slides into the break-even region.

Data from the on-chain analytics platform IntoTheBlock shows that 13,190 wallets hold 417.43 trillion SHIB tokens, acquired within the price band of $0.000017 to $0.000018.

Notably, Shiba Inu returned to the $0.000018 price point last week for the first time since February, only to fall further as bearish pressure persisted. Currently, SHIB has briefly hit a low of $0.00001696.

417 Trillion Shiba Inu at Critical Decision Point

The 417.43 trillion Shiba Inu tokens held at approximately $0.000017 mark a crucial threshold for the asset’s price trajectory for multiple reasons. First, these addresses are at a break-even point, with average holders neither in profit nor loss. 

Additionally, this price point sees the highest concentration of SHIB tokens among all accumulation price thresholds. Interestingly, despite this region featuring the highest volume, it sees the fewest addresses, sitting at 13K wallets.

Shiba Inu IntoTheBlock
Shiba Inu holding spectrum | IntoTheBlock

Essentially, the 417 trillion Shiba Inu accumulated at around $0.000017 represents a crucial turning point in the asset’s short-term trajectory, with the next move having significant implications for investors.

Worst Case Scenario

If Shiba Inu falls below the $0.000017 price region and the 417.43 trillion SHIB tokens go out of the money, the next support level is at $0.000014. At this point, approximately 58,000 wallets hold 94 trillion SHIB tokens at an average of $0.000016. 

Notably, a Shiba Inu crash to $0.000014 is close to playing out as this support level is not very strong, given the number of SHIB holders at this price point. Moreover, SHIB is already dangerously close to finally giving up $0.000017, especially as Bitcoin has revisited $62K.

Other Possible Scenarios

On the other hand, if Shiba Inu gathers momentum and temporarily overcomes the bears, it could face resistance in the $0.000018 to $0.000019 range, where 18,150 addresses hold 8.18 trillion SHIB tokens. 

If the bulls overcome this level, a larger resistance awaits just beyond, with over 114,000 wallets holding 67 trillion SHIB tokens, as investors might seek to sell their holdings at the $0.000023 region.

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