SHIB Holders Brace as 142 Trillion Tokens Face Key Support Test

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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October 22, 2024

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SHIB has fallen by 3.5% today, with the meme token’s fall to $0.00001803 coming as the cryptocurrency market also sheds 3.5% in 24 hours.

Shiba Inu is now down by 2% in a week, but keeps a healthy 22% increase in a month and a 150% gain in a year.

Yet wallet data suggests that the coin has entered a tricky situation, with its decline today meaning that around 142 trillion SHIB could enter the red, should the token fall below the $0.0000170 support level.

However, it’s likely that today’s fall marks a temporary correction in the context of a medium- and long-term upswing, with SHIB likely to rebound very soon.

SHIB Holders Brace as 142 Trillion Tokens Face Key Support Test

SHIB’s chart shows that today could be pivotal for its direction over the next few weeks or months, given that its price is now touching its current support level (green).

It will be interesting to see whether it will bounce off the support today, or whether it will fall through it, sending its price down even further.

Based on its other indicators, it may be close to a bottom, with its relative strength index (purple) about to touch 30 very soon.

Likewise, its 30-period moving average (orange) will likely sink below the 200-period average (blue), which again would signal a bottom.

As such, it’s arguable that the SHIB price may fall a little further today, but not much further.

This could prove vitally important to the owners of some 142 trillion SHIB, which data shows has been purchased with an average price between $0.000014 and $0.000017.

In other words, if the SHIB price falls below $0.000017 and even sinks to $0.000014, the owners of around $2.5 million in SHIB will be sitting on a loss.

This is important because it could put even more downwards pressure on the Shiba Inu price, although the overall market picture would suggest that any dip should be relatively brief.

Indeed, the market as a whole is up by 6% in a fortnight and by 21% since the beginning of September, as the upcoming US presidential election boosts optimism among traders.

With polls between the two candidates narrowing, the market is looking forward to the possibility of a second Trump presidency, which many perceive would be positive for crypto.

Assuming a Trump win, the SHIB price could reach by $0.000025 by the end of November, and $0.000035 by the end of the year.

New High-Growth Meme Tokens

The only problem with SHIB is that it can sometimes suffer from being an established meme coin, meaning that its gains can be more gradual than dramatic.

However, the market has recently seen the emergence of a wave of newer coins that not only show lots of viral meme potential, but which also have interesting fundamentals.

A prime example of this is Crypto All-Stars (STARS), an ERC-20 coin that has raised over $2.5 million in its increasingly popular presale.

Crypto All-Stars is the first token in the market to provide a ‘MemeVault’, a storage protocol in which holders of any meme token can stake their funds.

Crypto All-Stars achieves this via harnessing the ERC-1155 multi-token standard, which can tokenize any cryptocurrency, including coins not running on the Ethereum blockchain.

This opens up the project to a huge user base, and what’s especially bullish is that users who stake meme coins with its protocol will receive more rewards if they hold more STARS tokens.

STARS could experience substantial demand, with the coin having a max supply of 42.069 billion.

Interested investors can join the coin’s sale by going to the official Crypto All-Stars website and connecting their crypto wallets, such as MetaMask or Wallet Connect.

They should act sooner or later, since Crypto All-Stars’ rising popularity – with an X follower count of over 17,000 – would suggest that the token may rally once it lists.

Buy STARS Now