Dog-themed cryptocurrency Shiba Inu (SHIB) is currently facing a critical test as it hovers above a key support level.

According to IntoTheBlock data, near where Shiba Inu currently trades lies a range where an impressive 142 trillion SHIB is being held. A total of 142.6 trillion SHIB were acquired in the range between $0.000014 and $0.000018 by 115,870 addresses.

At the time of writing, SHIB was down 2.76% in the last 24 hours to $0.00001816 as the crypto market faced profit-taking. After a steady climb, Shiba Inu reached highs of $0.00001956 from when it began to decline.

The profit-taking gained traction in today's session, with Shiba Inu slipping from $0.00001933 to reach lows of $0.000018 within a matter of hours.

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As of now, eyes are on Shiba Inu's next support to see if will hold, which would determine where the SHIB price trends next.

Potential scenarios

Two potential scenarios are likely. If the aforementioned support range holds, SHIB could see a rebound, potentially extending its prior rally. In this scenario, Shiba Inu might attempt $0.00002 and even $0.000028.

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On the other hand, if Shiba Inu extends its current drop and, in the event that this support level fails, Shiba Inu might resort to range trading within its daily moving averages of 50 and 200, at $0.00001899 and $0.00001595.

Shibarium, the layer-2 blockchain within the Shiba Inu ecosystem, has witnessed an unexpected surge in daily transactions. The platform has now surpassed 419 million total transactions, marking a significant milestone in its development and adoption. According to Shibariumscan, Shibarium's total transactions currently stand at 419,111, 861.