Shiba

Bitcoin

Shiba Inu

Trillion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The <a href="https://u.today/shiba-inu-price-risks-adding-zero-as-122-trillion-shib-hang-in-balance" rel="noopener noreferrer nofollow">Shiba Inu</a> price saw a decline alongside the rest of the market in Thursday's trading session. The market fell precipitously, with <a href="https://u.today/bitcoin-might-explode-as-weekly-golden-cross-forms-details" rel="noopener noreferrer nofollow">Bitcoin</a> plunging near the $40,000 level. Shiba Inu likewise sharply fell, plunging to lows of $0.00000894 before slightly recovering.
At the time of writing, <a href="https://u.today/shiba-inu-shib-jumps-551-as-whales-make-epic-comeback" rel="noopener noreferrer nofollow">SHIB</a> was still down 0.15% in the last 24 hours to $0.00000934 as bulls made frantic recovery attempts.
Shiba Inu has been on a notable decline since the week's start, seeing only one green day since Sunday. While there might be indications of a relief rally in the days ahead, given prolonged selling, the likelihood of a dead cat bounce cannot be ruled out.
A dead cat bounce occurs when the price makes a slight recovery to resume its previous downtrend. Either way, it goes, the bulls have a soft landing: a 70 trillion SHIB support.
According to on-chain data from <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">IntoTheBlock</a>, near where SHIB trades presently is a massive support that might act as a backstop for further declines.
Per IntoTheBlock <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">data</a>, 70.45 trillion SHIB were bought by 106,580 addresses in the price range of $0.000008 to $0.000009, which acts as an immediate support for the SHIB price.
This holds technically, as SHIB has rebounded three times so far in January from the $0.0000085 and $0.00000894 levels.
<h2 id="leash-scores-new-listings-shibarium-transactions-grow">LEASH scores new listings, Shibarium transactions grow</h2>
Shiba Inu layer 2, Shibarium, sustained growth in its daily transactions, marking 2.63 million transactions in the last 24 hours.
Shibarium's network metrics have likewise grown at a significant rate since its launch in August 2023; total transactions are now at 294,909,431. Wallet addresses are now at 1,342,314, while total blocks are at 2,725,248.
Meanwhile, the Shiba Inu ecosystem token, DogeKiller (LEASH), has scored a listing on the new trading platform, Earnbit, which listed SHIB earlier this week.

Shiba Inu: 70 Trillion SHIB Might Rescue Price From Steep Fall

Table of Contents

U_Today

Other articles published on Jan 19, 2024

Nina Schick, AI Luminary, to Headline Disrupt 2024

Expert Predicts Uptrend for Bitcoin Ecosystem Altcoins Including ORDI

Prague Gaming & TECH Summit to Host Multiple Panels on Compliance and Tech Innovations

3 Top Altcoins To Buy Today January 19: SHIB, INJ, LINK

What is MANTRA DAO Token?

Crypto Powerhouse Cipher Mining Secures 37,396 Bitmain Antminers T21

Join our free newsletter for daily crypto updates!