Shiba Inu’s Key Support Zone: 397K Addresses Hold 2.44T SHIB Token

• Shiba Inu’s SHIB token has established a robust support level at $0.00001, backed by the ownership of approximately 397,000 addresses holding 2.44 trillion SHIB tokens.
• With resilience demonstrated against bearish pressure and a potential recovery underway, SHIB’s short-term bullish sentiment hinges on surpassing the 50-day EMA at $0.00002781.

Shiba Inu has established a significant support level at $0.00001, with a range spanning from $0.000008 to $0.000014. Data from the blockchain analytics platform IntoTheBlock indicates that approximately 397,000 Shiba Inu addresses collectively hold around 2.44 trillion SHIB tokens, acquired at an average price of $0.00001.

This support level, spanning a range from $0.000008 to $0.000014, signifies considerable buying activity and suggests the potential for market stability within this price range. It acts as a protective barrier against sharp declines in the price of SHIB, serving as a support zone for market corrections.

The price of SHIB has experienced notable fluctuations this year, particularly in the lead-up to the Bitcoin halving event. From a low of $0.0000088 on February 5 to a peak of $0.000035 on March 5, the $0.00001 support level serves as a psychological barrier against significant price declines.

SHIB Near Term Resistance And Whale Action

Currently trading at $0.00002315, SHIB has seen a 5.38% increase over the last 24 hours, signaling a potential recovery from recent losses. Its current price rebounded from the $0.00001830 level on April 13, demonstrating resilience against bearish pressure. To shift to bullish sentiment in the short term, SHIB would need to surpass the 50-day EMA at $0.00002781.

Despite its relatively low value, large holders of SHIB, known as whales, have remained steadfast, as reported by Crypto News Flash. Notably, six SHIB addresses have each held precisely five trillion SHIB tokens for over two years, acquired in March 2021, shortly after the project’s launch. These holdings, valued at over $110 million, have persisted even amidst market fluctuations. During the recent drop in prices to around $0.000018, SHIB whale addresses continued to accumulate, acquiring over 223 billion tokens.

Shiba Inu Partnership With CDSA

Shiba Inu has forged a strategic alliance with the Content Delivery & Security Association (CDSA), leveraging its layer-2 blockchain solution, Shibarium, to tackle security and rights management issues prevalent in the media and entertainment sectors, per the Crypto News Flash report.

CDSA boasts a membership roster comprising industry giants such as Apple, Amazon, and Netflix. The partnership, unveiled on April 11, signifies the increasing acceptance of blockchain technology as a solution for safeguarding and authenticating digital content.

Lead developer of Shiba Inu, Shytoshi Kusama, elaborated on the partnership’s potential during an interview with The Shib Magazine. He highlighted Shibarium’s capacity to address longstanding concerns within the industry, particularly those pertaining to the safeguarding of digital media assets.

Kusama emphasized Shibarium’s adaptability as a technological framework, stating, “We have all these different components to provide any company, project, city, or country with the capability to build upon an exceptional technological infrastructure.”