Only 470 Billion Shiba Inu (SHIB) Left: Here's What's Next
2024-11-25

Within a crucial support cluster of 470 billion tokens (at the time of the writing), Shiba Inu is retaining its position and offering a temporary area of stability. Nevertheless, in contrast to prominent players like Bitcoin, Ethereum and XRP, its performance is noticeably stagnant. The lack of momentum SHIB is experiencing in the current market rally is called into question by this. 
With the asset trading in a narrow range around $0.000026, the current SHIBUSDT chart shows a lack of aggressive upward movement. SHIB has failed to replicate the spectacular rallies observed in other cryptocurrencies despite a bullish breakout attempt. Strong key support levels have been maintained at $0.000022 and $0.000023, but resistance close to $0.000028 still limits upward movement.SHIBUSDT Chart by TradingView">
Approximately 62% of SHIB holders are making money at the current price, whereas 37% are either losing money or breaking even. This distribution indicates that a sizable portion of investors believe SHIB's price is trading close to the breakeven point, which may be reducing speculative activity. 
In the past 24 hours, there have been six trillion SHIB in large transactions, which is significantly less than the seven-day peak of almost 15 trillion. This implies a slowdown in whale activity, which is frequently a sign of less volatility. The lack of fresh catalysts and SHIB's strong reliance on retail participation may be the reasons for its relative stability.
SHIB's price action is still influenced by community-driven momentum, in contrast to XRP or Bitcoin, whose price movements have been driven by institutional interest or larger narratives.
SHIB's potential may be limited in the near future due to its inability to leverage the sentiment of the market even though the 470 billion support level offers a temporary floor. In the absence of fresh whale activity or a compelling story, the asset could experience protracted stagnation or, in the event that market conditions turn negative, eventually downward pressure.