• 28 May, 2024

Shiba Inu’s Weekly Surge of 6.48% Brings SHIB Closer to a 250 Barrier

Shiba Inu has made a positive move as it successfully surpassed the $0.000008 resistance level, which held it back from rising in the previous week. During a two-day climb, SHIB hit a new high of $0.0000087 on November 9. Notably, SHIB has increased by 2.86% in the last 24 hours and is currently trading at $0.0000085.

In the past week, Shiba Inu’s token has increased by 6.48%, bringing it closer to a significant barrier that could impede further gains. Based on data from IntoTheBlock, there is a massive barrier of 250 trillion around the current trading price of Shiba Inu. This range falls between the levels of $0.000008 and $0.000014, where 361,080 addresses purchased 250.23 trillion SHIB at an average price of $0.000011.

When the market price of SHIB reaches the average cost and break-even point of the addresses holding the coin, many of them are likely to sell, leading to a surge in selling pressure. This could potentially impede further price increases at current levels.

An intriguing twist amidst price drop is the growing rate of SHIB. More people are buying Shiba Inu at lower prices, which could potentially lead to an increase in value. The positive outcome is that the buyers might turn the current price barrier into support, which could give a significant boost to Shiba Inu’s progress. 

The Shiba Inu team is working hard to increase traffic on Shibarium. Davinci, the admin of Shiba Inu Discord, has outlined some strategies to achieve this goal. These include engaging the community, forming partnerships, and integrating with other platforms. The team is also developing innovative features like Shib magazine and SNS to attract more users to Shibarium. 

According to Shibariumscan, Shibarium has crossed 3.5 million transaction mark and has 1,262,570 wallet addresses. The average block duration on the Shibarium mainnet is 5.0 seconds, and the total number of blocks has reached 1,572,527.

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