Shiba Inu (SHIB) is facing downward challenges – Is there hope for the future of the Memecoin?
Shiba Inu (SHIB) has also recently experienced some downward pressure, despite factors such as incentives for SHIB burning statistics and ongoing network improvements. There is clearly notable reluctance among large investors, or whales, to accumulate more memecoins. However, a hurdle presents itself in the form of a massive concentration of 47 trillion Shiba Inu cryptocurrencies, which is located at a slightly higher price of $0.00001 per SHIB.
This could result in a loss for 100,000 holders, assuming bulls do not regain control of the Shiba Inu price. Although SHIB has remained below the 20-day EMA, bears have not reduced the price due to increased buying pressure near the dip. According to Shiba Inu's price forecast, it could end 2024 valued at $0.000015.
