- With 87.36% of Shiba Inu’s circulating supply held by 269,860 addresses, there is resistance to its rally to $0.00002.
- Despite a recent dip to $0.00000987 following a brief surge that eliminated one zero, Shiba Inu enthusiasts remain optimistic.
- Bitcoin’s recent volatility, leading to a 3.7% drop in the global crypto valuation, has impacted Shiba Inu’s price.
Shiba Inu (SHIB) enthusiasts are closely watching the crypto market as the token faces a critical hurdle on its journey toward a potential rally to the coveted $0.00002 mark.
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Influenced by Bitcoin’s (BTC) recent instability, the broader crypto market saw a 3.7% decline in global valuation in the past 24 hours. Shiba Inu’s price had a volatile ride recently, briefly surging and eliminating one zero on Thursday, January 11, only to quickly drop back to the $0.000009 range.
The last time the cryptocurrency traded around this level was in May 2022, and since then, the token has been on a downward trajectory, witnessing a decline of over 50%. Despite this setback, Shiba Inu enthusiasts remain optimistic about the token’s potential ascent to $0.00002.
A substantial 87.36% of the total circulating supply, owned by 269,860 addresses, acts as a formidable barrier between the existing price and the $0.000019 threshold. The concentration of SHIB tokens among a relatively limited number of investors poses a potential impediment, given that their decisions may exert a significant influence on the token’s value.
The recent dip to $0.00000987, coupled with Bitcoin’s market fluctuations, adds complexity to Shiba Inu’s journey to $0.00002. Enthusiasts eagerly await developments in the coming days, hoping for breakthroughs in overcoming the resistance that currently impedes the token’s upward trajectory.
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