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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Shiba Inu (SHIB) Price Jumps On Growing Support From 1.4 Million Holders

Christian Encila
Christian Encila
1 year ago
3 mins read
Shiba Inu

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Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is making headlines again. After a rollercoaster year in 2023, the canine-themed meme coin is exhibiting signs of life in the first half of 2024.

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With a growing holder base, a strategic support network, and a recent price jump, SHIB seems poised for a potential climb. However, lingering sell pressure and the ever-present shadow of its all-time high keep investors cautious.

Shiba Inu Finds Strength In Numbers

SHIB’s popularity continues to rise. The number of Shiba Inu holders on the Ethereum blockchain has surpassed a staggering 1.4 million, a new milestone that reflects the coin’s expanding reach.

This surge in holders indicates a growing community of believers in SHIB’s potential, potentially translating to a more stable and resilient market presence.

#Shiba holders reaching 1.4M
mark 🔥🔥🔥
We just grow,only up!!!#Shibarium #shib #bone #leash #crypto #ShibaSwap #ShibTheMetaverse #btc #eth # pic.twitter.com/Ha1R7phBOt

— SHIBKIND 🔥 (@SHIBKIND) April 19, 2024 

Shiba Inu Establishes Support System For Price Stability

Beyond the expanding holder base, SHIB has built a strategic support system that could act as a safety net in case of price fluctuations. These zones, dubbed “support clusters,” sit at $0.00001 and $0.000014, and concentrate buying pressure zones.

Essentially, a significant number of holders originally bought Shiba Inu at these price points, meaning a large number of tokens would be bought again if the price dips below these levels.

Total crypto market cap currently at $2.259 trillion. Chart: TradingView

Additionally, data suggests that a large portion of current SHIB holders are in profit. This metric, often visualized as “In & Out of the Money” by blockchain analysis tools, incentivizes them to hold onto their tokens rather than sell at a loss.

Shiba Inu Still Barks For Its All-Time High

Despite the positive developments, a cloud of caution hangs over SHIB. The current price sits comfortably above the aforementioned support clusters, but it remains significantly lower than its all-time high of $0.00008616, reached in the meme coin frenzy of 2021.

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Furthermore, while the recent price increase is encouraging, there’s still more sell pressure than buy pressure in the spot markets. This imbalance suggests that some investors are eager to cash out, potentially hindering a sustained price surge.

The Road Ahead For The Meme Coin

Shiba Inu’s future remains uncertain. While the recent developments paint a cautiously optimistic picture, the meme coin market is notoriously volatile. The success of SHIB hinges on several factors beyond its current holder base and support structure.

Continued positive developments in the broader cryptocurrency market, increased utility for the SHIB token itself, and a potential reduction in sell pressure are all crucial for a sustained price increase.

Featured image from Pexels, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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