Shiba Inu Has 200 Trillion SHIB Sitting at Two Major Support Levels, Here’s What It Means

The Shiba Inu may be more resilient than we think with 200 trillion tokens concentrated at two specific support levels. vBlock. These levels are located at $0.00001 and $0.000006 and could signal a good buying opportunity for those looking to invest in the coin.

The IntoTheBlock Global In/Out of the Money (GIOM) indicators classify addresses based on whether they are making a profit, break-even or loss on their positions at current prices. The platform calculates the average cost of an address based on the weighted average price at which it bought or received the tokens currently held in the address. It then categorizes the addresses and tokens accordingly to get a cumulative view of the profitability of a particular crypto asset.

Although the Shiba Inu is currently trading at $0.000012, it still has a long way to go to reach the aforementioned resistances. However, the concentration of tokens at these specific levels could potentially indicate good buying opportunities for investors looking to get involved in the promotion.

It is important to note that the Shiba Inu has been criticized for its lack of utility, with some comparing it to a meme coin. However, the popularity of the coin and the concentration of tokens at certain support levels cannot be ignored.

The Shiba Inu has recently faced increasing selling pressure as more decentralized platforms offer high returns from SHIB farming, which raises some funding for the meme token but poses significant pressure for the foreseeable future.

The SHIB recently bounced off the 50-day moving average and has been moving up ever since.