Shiba Inu (SHIB) 300 Trillion Resistance Raises Some Concerns

According to ITB's "In/Out of the Money" indicator, Shiba Inu currently confronts a resistance formed by 300 trillion SHIB tokens, predominantly held by addresses that acquired them within the price range of $0.000008 to $0.000014.

Timeline of Shiba-inu

Although the current behavior of the cryptocurrency market is not dramatically optimistic, including that of one of the best-known meme cryptocurrencies, Shiba Inu (SHIB), the projections based on machine learning algorithms and important technological innovations and trends for the next couple of years are.

In an official announcement made on June 28, Japan's major financial services conglomerate, SBI Group, announced that they will “start handling Shiba Inu (SHIB), Dai (DAI), and Cosmos (ATOM)” on its cryptocurrency platform SBI VC Trade.

In a surprising turn of events, the price of the Shiba Inu token has taken a U-turn, showing a remarkable rebound after experiencing a substantial drop of nearly 5% just yesterday. Today, the token's value has already exhibited a modest, yet noteworthy, 1.5% growth.

Shibarium, the highly anticipated layer 2 solution by Shiba Inu, is facing significant delays, leaving investors in a state of uncertainty. Despite initial expectations for a launch between the second and third quarter of 2023, the exact release date remains unknown.

More recently, Shiba Inu (CRYPTO: SHIB) has seen a rise on the back of a project that aims to connect physical objects with non fungible tokens (NFTs), but a while ago the coin enjoyed buzz surrounding the launch of its metaverse. In early March, Shiba Inu team said that its metaverse has arrived at its annual event SXSW.

Data shared by Etherscan shows that over the past hour, a staggering 8.8 billion Shiba Inu tokens have been transferred between several wallets – some of them belong to major exchanges Binance and Gate.io.

In recent developments, alarming activity has been observed by IntoTheBlock around the on-chain data of the popular cryptocurrency Shiba Inu (SHIB), leading to significant outflows from the wallets of large investors. Previously bullish on the token, it seems they have now switched to bearish sentiment.

Puppynet, the Shibarium testnet, which rolled out on March 11, continues to reach new milestones at a fast pace. In particular, millions of transactions have recently been added within a matter of days.

The price of Shiba Inu (SHIB) has been garnering attention as it sees an impressive surge off its local bottom at $0.0000065. The token has already racked up a gain of approximately 30%, generating renewed interest among the crypto community.

As the month of June is already drawing to its conclusion, the price of Shiba Inu (SHIB) has been moving in a slightly capricious manner, and now cryptocurrency traders and investors are trying to gauge whether the meme crypto asset will be a good buy in July.