The Doge-inspired meme coin Shiba Inu ($SHIB
) has faced a massive selloff, which has pulled SHIB’s value down 21% over the week to $0.000022.
This price point is actually a critical support level, according to on-chain data from IntoTheBlock, which highlights how meme coin investors investors have bought in some 362 billion SHIB across 270 addresses at this price point.
Descending even further, down to $0.000019, we see some 54,350 transactions involving an eye-watering 53.91 trillion SHIB, valued at approximately $1.19 billion.
Conversely, when we go up to $0.000026, we find some 89.47 trillion SHIB—worth around $2 billion—is held by 119,490 addresses, all of which are of course posting a loss.
So, between $0.000019 and $0.000026, we have an imbalance, more specifically, a sell wall of over 35.5 trillion SHIB around the current price, introducing significant resistance.
However, in spite of a steep recent drop to below its projected support level over the last three months according, there are signs that the meme coin could rally back above the safe zone of $0.000026.
A relative strength index (RSI) of 40 and rising suggests many are buying the dip, and should this continue, SHIB fans will have lifted it out of the worst of the crisis.
The fact that the token has actually added 0.2% in the last 24 hours while its inspiration, Dogecoin ($DOGE
), is down 1.6% suggests this may be the case.