Shiba Inu On Cusp Of Lunar Launch As 1.3 Trillion SHIB Barrier On Crosshair
February 11 2024 - 5:30PM
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Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is wagging
its tail with anticipation as it approaches a critical juncture.
The meme coin, known for its massive community and playful
branding, is on the cusp of breaking through a key resistance
level, potentially unleashing a new wave of bullish momentum.
Related Reading: BONK Stays Alive In Top 100 List With 25%
Single-Day Rally – Details Shiba Inu Hovering Around Profitability
Cluster Currently, SHIB is hovering around the $0.00001 mark, a
price point that represents more than just a number. It serves as a
crucial “profitability cluster,” where a staggering 1.3 trillion
SHIB tokens reside – tokens bought by early investors. This cluster
has long been a battleground, with sellers looking to cash out and
buyers aiming to push the price higher. Source: IntoTheBlock But
the tide seems to be turning. Analysts are pointing to a gradual
decline in the number of tokens within the profitability cluster,
indicating that selling pressure is easing. This, coupled with the
shrinking size of the cluster itself, is creating a more fertile
ground for SHIB to flourish. The potential breakout above $0.00001
is not just technical, it’s psychological. Overcoming this hurdle
would signal to the market that SHIB has the strength to move
beyond its meme coin status and establish itself as a serious
player. SHIBUSD currently trading at $0.00000950 on the daily
chart: TradingView.com And the numbers seem to agree. Data from
IntoTheBlock reveals a remarkable surge in large-holder inflow,
with whales accumulating a staggering 2.31 trillion SHIB in just
two days. This signifies heightened interest and involvement from
major players, potentially fueling the rally. SHIB seven-day price
action. Source: Coingecko SHIB Whale Influx: Bullish Momentum
Builds The sudden influx of large-holder buying is a strong bullish
indicator, and suggests that whales see value in SHIB and are
positioning themselves for potential gains. But is this all hype,
or is there substance behind the wag? While SHIB’s future remains
uncertain, several factors are bolstering its case: Community
Strength: SHIB boasts a passionate and vocal
community, often credited with driving its price rallies
through sheer enthusiasm and social media presence. Exchange
Listings: The meme coin has secured listings on major
exchanges like Kraken and Coinbase, increasing its
accessibility and mainstream appeal. ShibaSwap Ecosystem: The
SHIB team is actively developing its own decentralized exchange
(ShibaSwap) and other projects, potentially adding utility and
long-term value. The targeted breakthrough of the 1.3 trillion SHIB
barrier has become the focal point of attention, symbolizing a
pivotal moment for this meme coin. With the recent surge in
large-holder inflow and the potential technical breakout above key
resistance levels, Shiba Inu appears poised for a significant leap
forward. Related Reading: Bitcoin Back Above $48,000 – Is This
Level The Springboard To $52,000? Featured image from Adobe Stock,
chart from TradingView
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