Shiba Inu (SHIB) Price May Have Reached Its Limit, Here's Why

The Shiba Inu token, one of the most-talked-about cryptocurrencies, faces a significant hurdle as its price might have reached a possible local ceiling. Crypto analytics portal IntoTheBlock has released on-chain data indicating that the current stage of the token's price, which stands at an astounding 8.54 trillion SHIB, has hit breakeven.

Timeline of Shiba-inu

Many in the Shiba Inu community hope that one day, the sooner, the better, SHIB will first reach $0.01 and then jump to $1. This anonymous crypto expert, however, believes that the popular meme coin has the potential to see its market capitalization surge as much as to push the coin into the top give list.

Shiba Inu whales are making significant moves on the market, with large transactions increasing by 197% in the last 24 hours. Large transactions are defined as those that exceed $100,000 by IntoTheBlock, an on-chain analytics service.

Shiba Inu's development team has announced a significant advancement in the SHIB ecosystem. With the introduction of the Shibarium Bridge, users will have a new way to interact with the ecosystem.

Going by market capitalization, Bitcoin is the largest, number one. Ethereum comes second, and then USDT comes third. It has been like this for a couple of years. XRP to Overtake USDT? But XRP has fought for the third spot with USDT a few times too.

Poloniex crypto exchange owned by founder of Tron blockchain crypto billionaire Justin Sun has tweeted that it is listing the Bad Idea AI token (BAD), which is one of the Shibarium partners.

Shiba Inu (SHIB) has been carving a distinctive path for itself. In spite of the prevailing lackluster performance on the broader cryptocurrency market, the token burn rate of Shiba Inu is surprisingly on the rise, signaling an interesting dynamic at play.

Shiba Inu (SHIB) has recently caught the attention of traders and investors as it forms an ascending triangle pattern on the price chart. This technical pattern is characterized by higher lows, converging with a horizontal resistance level.

Shiba Inu, the popular cryptocurrency token represented by the dog breed of the same name, recently flaunted a brand new gold check mark on its X account with 3.4 million followers, solidifying its status as an official business account via Twitter's Verified Organizations program.

With increasing uncertainty in the crypto market, a majority of major cryptocurrencies extended their correction phase in the last two weeks. As a result, the Shiba Inu price dropped from a high of $0.00000845 to a $0.00000758 swing low registering a loss of 10%.

According to Etherscan, over the past few hours, several cryptocurrency whales have transferred nearly 50 billion Shiba Inu canine-themed tokens. This included both withdrawals from crypto exchanges, transfers to exchanges and movements of SHIB between whales' wallet addresses.