Shiba Inu’s Current Market Status and Price Movements

Shiba Inu (SHIB) meme coin had a good start in March, reaching its highest levels for 2024, but this trend did not last long and permanence was not achieved. After the corrections and recovery in the price, the meme coin is currently at a very important price level and could potentially rise.

Shiba Inu Latest Updates

After the recent price increase of Shiba Inu, a correction of over 30% was observed. However, this situation did not cause a decrease in the confidence of whales who continue to rapidly purchase SHIB.

Within a month, whales added a whopping $337 million to their SHIB holdings, which amounted to over 11 trillion SHIB.

In the past, Shiba Inu was considered the number one meme coin among Ethereum whales. Therefore, it is a known fact that investors can have a significant impact on its price movement.

In addition, the meme coin continues to receive strong support from individual investors. It is observed that investors who are in profit are staying away from selling. The mentioned group constitutes 18% of the process, indicating that SHIB investors in profit do not consider selling as an option.

This situation could also be a reason for the increase in the meme coin’s price.

What Could Be the Dollar Value of 1 SHIB?

After recovering from the $0.000028 level, Shiba Inu’s price seemed to have reclaimed the support at $0.00003000. Considering the factors mentioned above, this support level could potentially trigger a rally.

The Moving Average Convergence Divergence (MACD), a momentum indicator followed by investors to determine trends, also indicates a shift towards an uptrend.

This could suggest that SHIB might climb in the charts, potentially moving back to the highest levels seen since the beginning of the year at $0.00004572. Surpassing these levels could bring new 2024 highs for SHIB.

Conversely, if the $0.00003000 support level is lost, the meme coin could potentially fall to $0.00002855. Losing this level could invalidate the bullish outlook and result in the price dropping below $0.00002500.