Shiba Inu (Shib) often called a Dogecoin killer has recently made headlines once again. After a sharp decline below $0.000017, the meme coin has entered what analysts called a “buy zone. Shiba Inu now presents an appealing opportunity for those looking to enter the market at a low point amidst expectations of a potential rally toward $0.000052.
In a recent tweet, crypto analyst SHIB Knight highlighted insights by attaching a chart displaying major price levels for Shiba Inu. This analysis suggests that SHIB has entered a new buy zone, signaling attractive opportunities for investors.
However, key price levels identified include $0.00002392, $0.00002105, and $0.00001837, with particular emphasis on levels below $0.000018, representing significant declines and potential for investment growth.
According to SHIB Knight, this buy zone analysis is based on analyzing weekly chart analysis. In cryptocurrency markets, bulls typically defend specific price points to trigger upward momentum. For Shiba Inu, critical support levels are noted around $0.00001760 and $0.00001766, pivotal for monitoring potential bullish trends.
When Shiba Inu (SHIB) launched in August 2020, its team allocated half of the project’s tokens to Ethereum co-founder Vitalik Buterin. Buterin chose to burn 90% of the tokens he received, donating the remainder to charity. This burn amounted to about 410 trillion tokens, causing a significant surge in SHIB’s price.
Currently, there are approximately 589 trillion SHIB tokens in circulation. If another 400 trillion SHIB tokens were burned, the circulating supply would reduce to about 189 trillion. With SHIB’s market cap of around $10 billion, this could potentially increase the price to $0.00005291.
However, this large-scale burn is difficult and needs many SHIB holders worldwide to participate.
As of now, Shiba Inu’s price has shown a slight recovery, rising by 2.04% to trade at $0.00001742. Meanwhile, the increase in trading volume by 15% to $223.22 million indicates strong investor interest.
Additionally, the token’s open interest has climbed nearly 4% to $33.73 million, showing strong market sentiment and engagement.
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