Here’s What To Expect From Shiba Inu This Week

Sahana Kiran
Shiba INU
Source – Unsplash

This week started on a great note for the cryptocurrency market. Almost every asset in the market was registering significant gains. Bitcoin [BTC], the world’s largest cryptocurrency was up by nearly 10%. Meme coins, however, have been sidelined. Assets like Dogecoin [DOGE] and Shiba Inu [SHIB] were bagging slimmer recoveries than the rest of the market.

At press time, Shiba Inu was trading for $0.0000108 with a 5% daily increase. However, prominent resistance levels could hinder the meme coin’s growth.

Source – SHIB/USDT Chart on TradingView

As seen in the daily chart of SHIB, the asset managed to bounce back after hitting a prominent level of support of $0.00000977. The next line of support is at $0.00000803. At the moment the meme coin was trying to rise, however, it might encounter resistance at $0.00001311.

Additionally, the Relative Strength Index [RSI] indicator suggested that SHIB was being increasingly sold at the moment.

Shiba Inu holders continue to endure loss

Currently, the Shiba Inu network entails a total of 1,324,005 holders. Despite the asset’s latest price change, an astounding 66% of SHIB holders were under a loss. Only 31% of them were making money at SHIB’s current price, according to Into The Block.

Token burns, however, did not take a backseat. Data from Shibburn noted that the burn rate of the asset is up by 2,452% over the last 24 hours. About 602,508,566 SHIB have been sent to dead wallets throughout the day.

In addition, the meme coin continued to remain a favorite among Ethereum whales. SHIB remained the most-held token among the top 1000 ETH whales.

With the launch of the Shibarium Public beta version, the community expected the meme coin to create a bigger uproar. However, the asset decided to keep it lowkey. Nevertheless, whales continue to trust the meme coin.