During Thursday’s trading session, the price of Shiba Inusu fell along with the market. The market collapsed sharply, sending Bitcoin down close to $40,000. Shiba Inu also had a severe decline, hitting lows of $0.00000894 before making a little comeback.
SHIB was still down 0.15% over the previous day at $0.00000934 at the time of writing despite desperate attempts by bulls to rally.
With only one green day since Sunday, Shiba Inu has seen a noticeable downturn since the beginning of the week. Given the extended selling, there may be signs of a relief rally in the coming days, but a dead cat bounce is still possible.
When the price makes a little rebound to continue its prior downward trajectory, it is known as a dead cat bounce. In any case, the bulls have a 70 trillion SHIB support, which should provide a gentle landing.
IntoTheBlock’s on-chain analytics indicates that there is a significant support located close to the current SHIB trading location that might serve as a stopgap for further losses.
106,580 addresses purchased 70.45 trillion SHIB between $0.000008 and $0.000009, according to IntoTheBlock statistics, providing instant support for the SHIB price.
Technically, this is sound because SHIB has recovered from the $0.0000085 and $0.00000894 levels three times already in January.
LEASH scores new listings, Shibarium transactions grow
Shiba Inu layer 2, Shibarium, continued to see continuous rise in transactions, reaching 2.63 million in the previous day.
Since its August 2023 debut, Shibarium’s network stats have also increased significantly; as of right now, there have been 294,909,431 transactions. There are now 1,342,314 wallet addresses and 2,725,248 total blocks.
In the meanwhile, Earnbit, a recently launched trading platform, has offered DogeKiller (LEASH), the ecosystem token for Shiba Inus, alongside SHIB earlier this week.
