95,000,000,000,000 SHIB Might Be Unleashed With This Market Move

Shiba Inu Hovers at Critical Price Level as 95 Trillion Tokens Await Potential Release

The dog-themed cryptocurrency Shiba Inu (SHIB) is trading near a pivotal price point that could determine its next major move. According to on-chain data, a staggering 95 trillion SHIB tokens are currently parked at a crucial support range between $0.000008 and $0.000014.

IntoTheBlock's data reveals that 95 trillion SHIB are being held by 339,180 addresses in the range of $0.00008 and $0.000014, with an average cost basis of $0.000011. This massive concentration of tokens could be triggered if the Shiba Inu price falls below the critical $0.000014 level.

As of the time of writing, SHIB is trading up 0.16% in the last 24 hours at $0.00001446, slightly above the $0.000014 mark. However, the support at this level is relatively thin, with just 4.97 trillion SHIB held by 8,410 addresses, suggesting it may be fragile and vulnerable to further price action.

If SHIB can successfully defend the $0.000014 support, it may pave the way for a rebound, with the potential to retest higher levels, such as the $0.00001764 hit earlier this month. Conversely, a failure to hold this level could unleash the 95 trillion SHIB support, potentially causing a significant price drop. As traders closely monitor this level, SHIB's fate may also be influenced by the broader sentiment in the cryptocurrency market.

The cryptocurrency market continues to navigate choppy waters, as global economic concerns weigh on investor sentiment. Meanwhile, investors are eagerly awaiting the release of the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge, on Friday morning.

In a positive development, trading platform eToro has expanded its crypto offerings in the U.S., adding 12 new digital assets, including Shiba Inu, the company announced on Wednesday.