Shiba Inu Faces Last Crucial Test for 2024 Amid $280 Million Market Sell-off
2024-12-31
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As 2024 draws to a close, dog-themed cryptocurrency Shiba Inu SHIBUSD finds itself at a pivotal moment. The cryptocurrency market is grappling with a significant sell-off as traders reassess their positions heading into 2025, with liquidations totaling over $280 million in the last 24 hours.
This sell-off has pressured SHIB's price, pushing it toward a critical support zone that could determine its fate in the coming year. According to crypto analyst Ali Martinez, Shiba Inu's most significant support zone lies between $0.0000215 and $0.0000193.
#ShibaInu $SHIB most significant support zone is between $0.0000215 and $0.0000193! pic.twitter.com/wgaEbvI96K
This range is critical for SHIB to maintain current price levels and avoid further losses in the short term. If Shiba Inu fails to hold this support, it could face a drop to $0.0000187, which coincides with the daily SMA 20.
On the other hand, this range could act as a floor for Shiba Inu's ascent, which would aim at $0.0000257, with further breakouts targeting $0.00003 and $0.000033.
At the time of writing, SHIB was trading inside this range, down 2.02% in the last 24 hours to $0.0000212.
Shiba Inu's 2024 highlights
Shiba Inu team member Lucie shared key highlights of the year 2024. Shib's identity and D3 partnership were announced in January, setting the tone for 2024.
In February, the Shiboshis NFT collection was made available for free to Shiboshi holders. March brought the Shib Name Service (SNS) launch on D3, alongside a partnership with ZAMA to integrate Fully Homomorphic Encryption (FHE) into Shibarium, Shiba Inu's layer-2 solution.
Shiba Inu raised $12 million from institutional investors to build its privacy-focused blockchain in April. In May, the Shibarium hard fork and ShibaSwap 1.5 were unveiled.
In July, Shibarium reached six million blocks for the first time. August marked Shiba Inu's fourth anniversary and Shibarium’s first birthday with the TREAT Yourself Tour. In September, the ShibDev Portal and NFT Bridge launched, opening new doors for developers and creators. October marked milestones such as ShibaSwap 2.0, fiat on-ramps and a Delorean commercial.
Bury 2.0, the Shiba Eternity Tournament and the GetBlock partnership were milestones in November. December saw the launch of Shib: The Metaverse, integrating Chainlink with Shibarium alongside multi-chain burns. This year, 35.6 billion SHIB tokens were also burned.
On expectations for 2025, Shiba Inu lead Shytoshi Kusama, recently stated on X: "Next year will be epic, and I am so excited to share what we've built."