Shiba Inu (SHIB) Faces Potential Risk as 14.43 Trillion Coins Held by 30,780 Addresses at Key Support Level of $0.000008

By 0xK2 05/8/23 12:25 PM

In the world of cryptocurrency, the market is always volatile and constantly changing. On May 8, the Shiba Inu (SHIB) coin fell alongside the rest of the market as investors weighed concerns within and outside the industry.

According to IntoTheBlock data, Shiba Inu is currently going through a significant demand area. However, after briefly losing the $0.000009 level on May 8, Shiba Inu faced the next key support level at $0.000008, where 30,780 addresses bought 14.43 trillion SHIB.

While this news might imply that these Shiba Inu addresses could be at risk of losing their positions of over 14 trillion SHIB if the price drops below $0.000008, bulls seem to be putting in an effort to reclaim the $0.000008 to $0.000009 level, which is the largest in the clusters of support.

IntoTheBlock data also indicates that more Shiba Inu holders bought in this range, with 31,760 SHIB addresses making their purchase at the maximum price of $0.000009. This suggests that there is still strong support for the coin within the community, despite the recent dip in the market.

However, it is important to note that the cryptocurrency market is highly volatile and unpredictable. Investors should always do their own research and carefully consider their investments before making any decisions.

Shiba Inu, which was inspired by the popular Dogecoin, has seen significant growth in recent months. It has been dubbed the “Dogecoin Killer” by some investors, and its value has skyrocketed, making it one of the top 30 cryptocurrencies by market capitalization.

As with any investment, there are risks involved, and investors should be aware of the potential for volatility and price fluctuations. Nonetheless, Shiba Inu’s strong community support suggests that it may have a bright future ahead, despite the current dip in the market.

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