Shiba Inu Faces Market Pressure as 108 Trillion SHIB Defends Key Price Level

NEW YORK — Shiba Inu (SHIB), the popular meme cryptocurrency, is facing significant market pressure as 108 trillion SHIB tokens defend a crucial price range amid widespread profit-taking across the crypto market. The token’s price has dropped 4.73% in the last 24 hours, trading at $0.00002302 as of Saturday, Jan. 18, 2025.

According to data from IntoTheBlock, 108.19 trillion SHIB are held by 115,240 addresses within the price range of $0.000019 to $0.000023. This level has served as a key support zone since late December, preventing further declines and fueling optimism for a potential rebound. However, a breach below this range could trigger a wave of selling pressure, potentially pushing SHIB toward the next support zone between $0.000014 and $0.000019.

“The 108 trillion SHIB held at this level is critical for maintaining price stability,” said Tomiwabold, a cryptocurrency analyst. “If this support breaks, we could see a significant downturn. Conversely, surpassing the resistance at $0.000023 and $0.000025 could pave the way for a bullish breakout.”

SHIB experienced a sharp price surge earlier in the week, rising from $0.000022 to $0.0000246 on Jan. 17. The token briefly reached $0.00002497 on Saturday before retreating. This price movement coincided with a 473% increase in large holder inflows, signaling heightened activity from institutional players and whales. Large transaction volume also rose 20% in the last 24 hours, reaching $202.51 million.

Despite the recent volatility, SHIB’s open interest has surged by over 600% since Jan. 1, reaching 22 trillion SHIB at press time. This indicates heightened investor optimism and potential for increased market volatility. Analysts are closely watching the $0.0000249 resistance level, which aligns with the 50-day Simple Moving Average (SMA). A breakout above this level could propel SHIB toward $0.0000299.

Meanwhile, the broader crypto market has seen $493 million wiped out in liquidations, according to CoinGlass data. This profit-taking trend has impacted SHIB and other meme coins, including PEPE, which also rallied over 10% earlier in the week.

As the market navigates these fluctuations, the 108 trillion SHIB held at the critical support level remains a focal point for traders and analysts alike. The coming days will determine whether SHIB can sustain its defenses or succumb to further market pressures.