Shiba Inu dropped below the $0.0000099 level, losing the crucial $0.000010 level that bulls had fiercely held on May 1. Shiba Inu’s price increased by one as SHIB dropped to a low of $0.00000991.
SHIB was down 2.42% in the previous day at $0.00000998 as of the writing. Shiba Inu had an 88% increase in trading activity over the previous day, totaling $119,392,240 in transactions.
As it anticipated the fallout from the First Republic Bank upheaval, the cryptocurrency market felt uneasy.
First Republic Bank is at the centre of the most recent wave of financial issues in the United States. JPMorgan won the offer to purchase the bank in an urgent government-led intervention after private rescue efforts failed to plug a hole in the failing lender’s balance sheet and clients withdrew their cash.
In late April, Shiba Inu lost ground and began to trade below its important daily moving averages of 50 and 200. SHIB holders should keep a close eye out for a sustained breakthrough over these crucial hurdles while the price remains below this level in order for the SHIB price to trend higher.
Bulls, on the other hand, are still protecting SHIB’s price to avoid a decline below the $0.0000099 level, where SHIB may then aim for the $0.0000096 level.
Shiba Inu burned 3.26 billion SHIB in April
3.26 billion (3,269,676,832) SHIB were burnt in 125 transactions in the month of April, which is an impressive accomplishment.
Shiba Inu’s Twitter following has increased as well; the official SHIB Twitter account now has over 3.7 million followers.
On the other side, SHIB’s price movement during the last month was not as favourable. Shiba Inu saw a 6.83% fall at the end of April, the second monthly decline since February.
