The price of the Shiba Inu token dropped by one zero, which saw it come down to the psychological level of $0.00001.
At this point, SHIB seems to be hanging in the balance with the bulls trying to make a strong effort to keep the bears away from this area because it could result in further declines in its price.
At publishing time, there was a marginal rise in the price of SHIB within the last 24 hours and it was trading at a price of $0.000010.
The data
According to data from ShibToday.com, the Shiba Inu token appears to be involved in a broad resistance range, which is between $0.000010 and $0.000025.
In this range, there are a total of 387,000 wallet addresses that have acquired around 643 trillion Shiba Inu tokens.
If the focus is shifted towards a smaller area, then the biggest challenge for the SHIB token is between the ranges of $0.00001 and $0.000014 because this is preventing the Dogecoin rising from going higher.
In this region, the total number of wallet addresses to have purchased the SHIB token stand at about 231,000.
If these addresses decide to take profits in case the price drops to this level, then it could create selling pressure in the market.
The challenges
In the event this scenario materializes, it would become immensely difficult for the SHIB token to break through unless there is massive buying pressure.
The $0.000009 range saw almost 10.3 trillion Shiba Inu tokens purchased, which would function as the next support level in case there is a further decline in the token’s price.
According to data from Shibburn, the total amount of SHIB tokens that were burned in the last 24 hours was around 2,993,024 and this happened in two transactions.
Survey results
In other news, a survey was conducted by CoinGecko, which showed that the second-largest meme token in terms of market capitalization is a meme token that many people are interested in.
The survey results show 46.7% of interest in meme tokens in this year was related to the Shiba Inu token.
As a matter of fact, the SHIB token is the most well-liked meme token in the United States, as it was able to draw the interest of about 60.7% of the people in meme tokens so far in 2023.
Apart from that, it was also revealed that Shiba Inu has also garnered a significant amount of popularity in India.
While the token is undoubtedly popular, it remains to be seen if its popularity will be able to create new demand for the token.
If it does, then this would certainly have a positive impact on the price of Shiba Inu, which has been struggling for quite a while now.
