Shiba inu

Shiba Inu Regains Momentum With 1.4M Holders Forming Support

  • Over 1.4 million crypto enthusiasts are holding Shiba Inu on Ethereum.
  • SHIB assembles new support clusters after March’s run to $0.000044.
  • SHIB breaks out from bearish hindrance with 5.2% gains this Friday.

As the crypto markets see a soft rebound this Friday, the popular canine coin Shiba Inu (SHIB) is establishing a new support cluster while the overall holder count grows to new levels. According to the blockchain explorer Etherscan, Shiba Inu’s holder count on Ethereum (ETH) has breached 1.4 million.

Currently at 1,400,057 holders on Ethereum, Shiba Inu (SHIB) managed to rebound by 5.2% on Friday, as Bitcoin (BTC) approaches $65K after being absent from this price range for four consecutive days. Due to the high correlation of 0.84 between Shiba Inu (SHIB) and Bitcoin (BTC), SHIB’s price was boosted above the upper support level of $0.000023 as of press time, despite the 30-day timeframe still pointing to a 8.3% deficit.

SHIB’s Way Up: Key On-Chain Factors Coming Into Play

As Shiba Inu broke out of the descending parallel channel that SHIB has been trading in for the larger part of the month, it bears mentioning that the Japanese hunting dog-themed meme coin is establishing a support cluster around $0.00001. This psychological price barrier is supported by over 396,810 holders, who have obtained a cumulative volume of 243.91T Shiba Inu (SHIB) tokens.

Ranging from $0.000008 to $0.000014, this hefty support cluster can be useful when tackling the challenges imposed by crypto market correction. As Shiba Inu (SHIB) is currently trading way above this price range, it’s important to note that the upper support cluster between $0.000014 and $0.000019 holds a whopping 438.99T SHIB coins, even though it’s shared between 86.45K crypto addresses.

Amount of SHIB held in addresses.

As portrayed by IntoTheBlock’s global ‘In & Out Of The Money’ statistics, the majority of Shiba Inu (SHIB) holders are in profit at this price range. This serves as a huge contrast to SHIB’s price movement in 2023, when the ‘In The Money’ metric has been hovering between 10% to 40% for the better part of the year.

On the Flipside

  • Based on the combined liquidity book in spot markets, Shiba Inu’s pending sales still outweigh the bids by nearly $7 million, according to blockchain research platform CoinPaprika.
  • Outside Ethereum’s PoS blockchain, Shiba Inu is a popular crypto on Binance, with the exchange encompassing over 20% of all Shiba Inu trades in overall spot markets.

Why This Matters

SHIB has soared in popularity since 2021, when the self-proclaimed Dogecoin Killer whipped up the all-time high of $0.00008616. Despite exponential growth and a mega-successful March in the meme coin market, SHIB is yet to reclaim this price milestone.

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