Here’s what to expect from Shiba Inu this week

Good news for the cryptocurrency market to start the week. Almost every asset in the market has seen significant gains.bitcoin [BTC], the world’s largest cryptocurrency rose nearly 10%. However, memecoins have been put on hold.Dogecoin and other assets [DOGE] and Shiba Inu [SHIB] Their recovery is more elusive than in other markets.

At press time, Shiba Inu was trading at $0.0000108, up 5% on a daily basis. However, the prominent resistance level might hinder the growth of the meme coin.

Source – SHIB/USDT Chart on TradingView

As shown on SHIB’s daily chart, the asset managed to bounce back after hitting a notable support level at $0.00000977. The next support level is at $0.00000803. Currently the meme coin is trying to go up, however, it might encounter resistance at $0.00001311.

In addition, the relative strength index [RSI] Indicators show that SHIB is currently being sold more and more.

Shiba Inu Holders Continue to Suffer Losses

Currently, the Shiba Inu network has a total of 1,324,005 holders. Despite the asset’s recent price changes, 66% of SHIB holders are still in the red. According to Into The Block, only 31% of them are making money at SHIB’s current price.

However, token burning did not take a back seat. According to Shibburn, the burn rate of assets has increased by 2,452% in the past 24 hours. Around 602,508,566 SHIB were sent to dead wallets throughout the day.

Additionally, memecoins continue to be favored by Ethereum whales. SHIB remains the most held token among the top 1000 ETH whales.

With the launch of Shibarium Public beta, the community expects the meme coin to generate even more buzz. However, the asset decided to keep a low profile. Still, whales trust memecoins.

Source of information: Compiled from WATCHER by 0x Information.Copyright belongs to the author Sahana Kiran, without permission, may not be reproduced

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