Shiba Inu (SHIB), a prominent cryptocurrency with a dog theme, has reached an important price level. From what the blockchain shows, it is now dealing at a key level of 416 trillion SHIB. This key level is getting a lot of interest on the market as people try to guess how the price of the meme token will change in the future.
A report from IntoTheBlock says that 19,120 addresses bought 416.38 trillion SHIB for between $0.000017 and $0.000018, with $0.000018 being the average price.
Shiba Inu’s price is currently hovering around $0.000018, which is a key point in its short-term path. SHIB has gone up by 1.49% in the last 24 hours, and it is now worth $0.00001814.
The fact that 416.38 trillion SHIB were bought at this price shows how important it is. This level could either be a strong support or a sign that prices are about to go down even more.
Turning Point For Shiba Inu
As trade picks up around the 416 trillion SHIB mark, it could be a turning point for the token. The cryptocurrency world is extremely intrigued in seeing if this is the start of a new era for Shiba Inu or just another obstacle.
As SHIB trades at this important level, a number of things could happen. The token could rise again from the 416 trillion SHIB level, using that level as a base for future gains.
If prices fall below this important level, on the other hand, it could start a sell-off that makes prices go even lower. Below that, at $0.000014 and $0.000017, Shiba Inu will find more support. That is how much 60,560 addresses paid for 91.92 trillion SHIB, which is about $0.000016 each.
Prices in SHIB could also stay in a tight band while the market waits for the next significant change. This is called consolidation. As long as there are enough buyers and traders, prices may stay about the same. Traders will be looking for breakout signs because substantial shifts tend to happen after times of consolidation.
