Shiba Inu has recently reached a new milestone, but the token risks have reduced to $0,000020 level if the bear performance continues. Shibu Inu is the second most popular mem coin in market cap, and it has been getting a vast number of adoption in the recent months.
Shiba Inu Sets A New Milestone
Shiba Inu is one of the popular cryptocurrencies in terms of the world. As mentioned above, Shibu Inu is the second largest meme coin behind Dogecoin. Shiba Inu is a dog-themed meme cryptocurrency controlled on the Ethereum blockchain. Shiba Inu’s value has climbed by 49,539,173 percent since its inception in November 2020, making it one of the best-performing cryptocurrencies in the past two years.
Shibu Inu reached a new milestone yesterday. As per the recent data obtained from WhaleStats, the total number of wallets holding SHI token now stand at 1,145,212.
This recent development means a rise in the number of investors is purchasing SHIB despite the poor performance of cryptocurrency in the recent months. The top 1000 Ethereum (ETH) wallets contain 51,660,947,525,321 SHIB ($1,481,475,410), according to WhaleStats.
SHIB Continues To Struggle Below Its 50-Day EMA
The SHIB/USD daily chart shows that the cryptocurrency was not performing well in recent weeks. The technical indicators of SHIB are negative at the moment. SHIB is now trading at a discount to its 50-day moving average of $0.000033. Since November, the MACD line has remained below the neutral zone, suggesting a robust negative trend in Shiba Inu. The RSI of 39 shows that SHIB coil enters the oversold region if the current market condition is sustained,
SHIB might lose its first critical support level at $0.000022 in the next few hours if the bears maintain control. SHIB might trade below the $0.000020 mark for the first time since October if the negative trend continues.
Shibu Inu will then require the support of the broader crypto market, which will help it to come out of the ongoing bearish trend. You can know more here about the future of SHIB.
