Dog-themed Cryptocurrency Shiba Inu (SHIB)

Dog-themed cryptocurrency Shiba Inu (SHIB) is eyeing a push toward $0.000014, but a supply of 236 billion SHIB could determine its next major move.

According to data from IntoTheBlock, 236.46 billion SHIB are currently held at $0.000014 by 3,780 addresses. A breach of this minor resistance could allow SHIB to reach $0.000014 and aim for a potential breakout at its next target, a major resistance where 548 trillion SHIB are being held. In this range of $0.000014 to $0.000019, there is a supply of 548.64 trillion SHIB held by 162,610 addresses. A breach here could indicate major gains for the SHIB price.

On the flip side, if SHIB fails to breach the $0.000014 level, it might lead to consolidation or a minor correction before another rally attempt. All eyes are currently on Shiba Inu’s next move as it approaches this critical price level. Should there be a decline, support is expected at $0.0000108, which previously halted SHIB’s price fall on March 11.

As of now, SHIB increased by 0.7% in the last 24 hours, reaching $0.00001285, and is up 6% weekly. For the past two days, Shiba Inu oscillated within a tight range between $0.00001227 and $0.000013 as traders await the market’s next move.

Market Shift Incoming?

In a recent tweet, IntoTheBlock reported that the combined meme coin market cap has returned to levels seen in Q3 of last year, highlighting key on-chain indicators to watch for a shift.

These include the number of traders, as short-term traders often signal new retail engagement. Although most meme coins are showing a downward trend in this metric, a reversal could mark a key turning point for the market.

Secondly, transaction volumes reflect usage growth, indicating increased utility and a more engaged community, which are essential for sustained growth.

Finally, holder profitability poses opportunities worth considering. A decline in profitability, coupled with rising usage, may indicate upside potential worth exploring.