Shiba Inu Hits 102 Trillion SHIB Level, Will It Rise Higher?
2025-01-03
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Dog-themed cryptocurrency Shiba Inu SHIBUSD has started 2025 on a positive note. SHIB notably began to rise on the first day of 2025, increasing from lows of $0.00002. The rally subsequently gained momentum, culminating in highs of $0.00002383 in today's trading session.
If Shiba Inu concludes today’s session in green, it will have gained three days in a row to begin the new year.
The broader cryptocurrency market has been experiencing a rise with many digital assets seeing significant gains. Crypto prices are rising once again, with several alternatives to Bitcoin outperforming as investors increase their holdings at the start of the new year. Altcoins tend to be more volatile than Bitcoin, resulting in higher profits and losses, which could explain the present trend.
Crypto's start to the year in the green could also be attributed to digital assets' historically strong performance in the first quarter.
This positive market sentiment has likely contributed to SHIB's recent performance. At the time of writing, SHIB was up 4.44% in the last 24 hours to $0.00002363 and up 10% weekly. Shiba Inu's trading volume has topped $500 million over the last 24 hours, indicating increasing interest in the cryptocurrency market.
102 trillion SHIB range hit, what's next
The rise has brought SHIB to a crucial range where over 102 trillion SHIB are being held by Shiba Inu addresses.
According to IntoTheBlock data, 102.57 trillion SHIB were bought in the range between $0.000022 and $0.000024 at an average price of $0.000023 by 80,900 addresses.
Shiba Inu is trading at the lower end of this range with a current price of $0.0000236. Going forward, Shiba Inu faces slight resistance until $0.000024 as a minor 39 billion SHIB is being held here.
The next major resistance for SHIB lies in the range between $0.000024 and $0.00003 where 70 trillion SHIB are being held by 207,630 addresses.
On the other hand, immediate support is envisaged between the $0.000019 and $0.000022 range in the event of a decline, where 28.77 trillion SHIB are being held by 47,250 Shiba Inu addresses.