Shiba Inu (SHIB) is currently testing a significant support zone at the $0.000011 price level.
This price point represents the average acquisition cost for a substantial concentration of SHIB tokens.
Approximately 99.75 trillion SHIB tokens are held by over 325,000 distinct wallet addresses within this tight price band.
Such heavy on-chain concentration creates a potentially strong support level, which could stabilize the token’s price against selling pressure.
The recent dip in SHIB’s value coincides with a broader market correction notably impacting Bitcoin, underscoring SHIB’s observed sensitivity to Bitcoin’s price movements.
Maintaining a price above the $0.000011 level is viewed as a critical indicator of Shiba Inu’s short-term resilience.
Holding above this key support could signal potential buying opportunities and pave the way for future upward momentum should overall crypto market sentiment improve.
Conversely, a sustained break below this threshold might indicate further potential declines.
Notably, Shiba Inu has successfully maintained its price above the $0.00001 level throughout the year, avoiding further depreciation.