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It’s like the price of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) refuses to fall. This is evidenced by the persistence with which SHIB quotes continue to remain above $0.00003 per token. After first breaking this mark in early December, the Shiba Inu token is holding steady at this level and is little affected by events and turmoil occurring in the broader crypto market.
In comparison, when the price of Bitcoin fell almost 8% in a matter of minutes today, losing its recent major milestone of $100,000, the price of SHIB at the same time fluctuated by 5.4%, which for an altcoin can be considered a movement in normal daily volatility. . What’s more important is that the price is back above $0.00003 per SHIB again this time.
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The strength of the bulls and their desire to buy the Shiba Inu the token is obvious here. But will this be enough to take SHIB to a new price record while the old one still hangs at an unattainable target at $0.00008845?
According to data from In the blockThere are currently 56.14 trillion SHIB concentrated in liquidity pools above the current price, with an equivalent value of $1.72 billion. These tokens currently represent a sell wall for the meme cryptocurrency and also lead to losses for their holders.
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If buyers are strong enough to potentially absorb all of this volume, the chances of hitting an all-time high if the crypto market environment is favorable are quite high. Given the strength demonstrated by SHIB With Bitcoin falling and remaining above the key level, we can assume that almost all the necessary ingredients are in place.