The April anomaly surrounding Shiba Inu (#SHIB) has stirred significant attention. According to on-chain analytics firm Intotheblock, SHIB's price surged by 2.5 times in 2024 amidst a peak in meme coin demand since 2021.
This surge has led to nearly tripling the total value of meme coins in 2024. However, historical data hints at a recurring trend where SHIB faces downward pressure during April, casting uncertainty despite its robust community support and ongoing enhancements.
Looking back, SHIB experienced declines of 21.90% in April 2022, 6.83% in April 2023, and currently, in April 2024, it has dropped by 11.16% as per TradingView figures.
This April jinx raises questions about SHIB's resilience in the face of this pattern. The pivotal point lies at the 50 trillion SHIB level, which could dictate its price trajectory. IntoTheBlock data shows significant SHIB holdings at this level, suggesting potential price support.
However, should SHIB dip below this mark, the next notable support levels lie between 0.000019 to 0.000025 USD, posing the possibility of further declines.
Conversely, sustained recovery for Shiba Inu could encounter resistance at $0.000029 and $0.00003, where substantial SHIB holdings are observed.
As the month unfolds, the SHIB community and investors keenly monitor these critical levels to gauge SHIB's ability to overcome the historical April downturn.
