Shiba Inu (SHIB), a cryptocurrency with a dog motif, has seen a decline in price in recent days due to profit-taking.
In the event that today ends in red, SHIB would have lost three days in a row, resulting in a weekly decrease of 29%. As of this writing, SHIB had dropped 15% in the previous day to $0.00002476.
Shiba Inu’s loss coincides with a larger decline in the cryptocurrency markets at the end of the week as investors focused on the prospects for interest rates following the unexpectedly high inflation figures issued on Thursday.
The canine-themed cryptocurrency has maintained its stability at a critical 81 trillion SHIB level in spite of the recent price decline, demonstrating its adaptability in a volatile market.
Shiba Inu’s current trading platform, IntoTheBlock, shows that 115,950 addresses purchased 81.94 trillion SHIB at an average price of $0.000025, ranging from $0.000022 to $0.000028.
Because it denotes stability and the possibility of recovery, maintaining this level is essential for preserving the trust of SHIB holders.
A weak support exists away from the current price level of SHIB, where 29,290 addresses have bought 35.53 trillion SHIB at an average price of $0.000025, inside the $0.000019–$000022 range.
This is because Shiba Inu didn’t have much time to establish support in its current trading range due to its quick surge at the beginning of March.
As we move on, Shiba Inu encounters a smaller obstacle between $0.000028 and $0.000031, with 15.31 trillion SHIB being bought at an average price of $0.000029 across 39,310 addresses.
Looking ahead, the cryptocurrency world will be keenly monitoring Shiba Inu’s capacity to maintain the 81 trillion SHIB threshold.
