Shiba Inu Remains Firm Despite Recent 31 Billion Token Dump
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Self-proclaimed DOGE killer Shiba Inu (SHIB) continues to grow in popularity, as it records a massive 9.11% growth in wallet addresses over the past two weeks. Reports show that meme coin has gained 60,000 new holders within only two weeks due to the recent impressive performance since October 2.
That said, there are now over 742,000 unique addresses holding SHIB tokens, a +100% gain in token holders from May 2021, when it traded at its peak.
Shiba Inu boasts of a robust user base known as the SHIB Army. These enthusiasts have played a critical role in the performance of SHIB as they remain confident and unwilling to sell regardless of meteoric bull runs or significant price drops.
Only a few days ago, the nineteenth-largest cryptocurrency shed over 41% of its value within 24 hours, a record single-day drop, which caused its market capitalization to fall from over $11 billion to $8.5 billion.
Reports showed that the reason for this plunge was a whale dump from addresses holding between 1 million to 10 million SHIB tokens, with over 31 billion SHIB getting liquidated. At the same time as this mass dump, one address purchased over 8 trillion coins worth $240 million in today’s prices, a significantly higher position than the liquidated 31 billion coins.
Key Shiba Inu Levels to Watch — October 20
Twelve days after the 41% crash, Shiba Inu has yet to recover from the fall as it struggles with the $0.0000300 resistance. Over the past 48 hours, SHIB has traded on the $0.0000275 support, bolstered by the 4-hour 50 SMA, indicating bullish weakness.
That said, if the meme coin fails to take the initiative from the recent Bitcoin rally and pushes through the $0.0000300 barrier, we could see a breakout below the supporting SMA and towards the $0.0000240 low.
Meanwhile, our resistance levels are $0.0000300, $0.0000325, and $0.0000350, and our key support levels are $0.0000275, $0.0000250, and $0.0000240.
Total Market Capitalization: $2.55 trillion
Shiba Inu Market Capitalization: $11 billion
Shiba Inu Dominance: 0.43%
Market Rank: #19
