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.
SHIB is updated every hour $SHIB price: $0.00001071 (1 hour -0.53% ▼ | 24 hours 4.65% ▲ )
Market Cap: $6,330,847,739 (5.33% ▲)
Total supply: 589,611,285,681,152
Last 24 hours: 602,508,566 (2452.51% ▲)
Last 7 days: 3,362,772,252 (-3.19% ▼)
— Shibburn (@shibburn) March 13, 2023
Additionally, memecoins continue to be favored by Ethereum whales. SHIB remains the most held token among the top 1000 ETH whales.
🐳 Top 1000 #ETH whales are holding
Whale leaderboard👇https://t.co/jFn1zIOq03 pic.twitter.com/Jm65gb13ho
— WhaleStats (Tracking Crypto Whales) (@WhaleStats) March 13, 2023
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