Shiba Inu (SHIB) is one of the cryptocurrencies that is now under selling pressure in the market. It looks that Shiba Inu will experience losses for a fourth day in a row since April 25, matching the decline in the price of Bitcoin.
Additionally, starting on April 23, Shiba Inu will record losses for six of the seven days, continuing its downward trend from its peak of $0.000028. In just seven days, SHIB has dropped 13.62%.
SHIB is now on the verge of essential support, as a significant portion of SHIB addresses own 470 trillion SHIB, after the falls.
IntoTheBlock data shows that, in addition to the SHIB current trading range, 85,110 addresses purchased 470.78 trillion SHIB at an average price of $0.000016 between $0.000014 and $0.000019.
A large number of investors see the token’s worth at these values, which might lead to less selling pressure, therefore strong support is anticipated at this range. This begs the question: is a shift in Shiba Inu prices imminent?
The 470 trillion SHIB support level could be sufficient to start a positive turnaround given the substantial quantity of SHIB held by investors; nevertheless, larger market movements and emotion towards cryptocurrencies might be more significant factors in deciding SHIB’s price direction.
Ahead of a significant Federal Reserve meeting later this week, investors and speculators are feeling a combination of caution and eagerness in the market. Market players are being forced to prepare for potential effects on digital assets as anticipation grows that the meeting will likely signal higher-for-longer interest rates.
As of this writing, SHIB had dropped 4.31% in the previous day to $0.00002365, mirroring the sell-off in the larger market that had sent BTC to a one-week low of $61,928.
Shiba Inu said over the weekend that ShibaSwap, its DEX, will be moving to Shibarium. A Shiba Inu team member named Lucie believes that introducing ShibaSwap to the Shiba Inu home chain is just the start of a lengthy process. With ShibaSwap 1.75 on Shibarium being hinted to, ShibaSwap is going multi-chain, running on both Ethereum and Shibarium.
