The Doge-inspired meme coin Shiba Inu ($SHIB) has faced a massive selloff, which has pulled $SHIB’s value down 21% over the week to $0.000022.
This price point is actually a critical support level, according to on-chain data from IntoTheBlock, which highlights how meme coin investors investors have bought in some 362 billion SHIB across 270 addresses at this price point.
Descending even further, down to $0.000019, we see some 54,350 transactions involving an eye-watering 53.91 trillion SHIB, valued at approximately $1.19 billion.
Conversely, when we go up to $0.000026, we find some 89.47 trillion $SHIB—worth around $2 billion—is held by 119,490 addresses, all of which are of course posting a loss.
So, between $0.000019 and $0.000026, we have an imbalance, more specifically, a sell wall of over 35.5 trillion SHIB around the current price, introducing significant resistance.
However, in spite of a steep recent drop to below its projected support level over the last three months according, there are signs that the meme coin could rally back above the safe zone of $0.000026.
A relative strength index (RSI) of 40 and rising suggests many are buying the dip, and should this continue, $SHIB fans will have lifted it out of the worst of the crisis.
The fact that the token has actually added 0.2% in the last 24 hours while its inspiration, Dogecoin ($DOGE), is down 1.6% suggests this may be the case.
While Shiba Inu tumbles,, Flockerz takes flight
In spite of falling crypto prices across the market, this festive season is ushering in a new age of high-utility meme coins that are still only in presale. This means savvy investors can buy in at potentially all-time-low (ATL) prices.
One such offering is the new vote-to-earn (V2E) Flockerz ($FLOCK), a presale which started in early Autumn and has raised $7.65 million.
Touting itself as “The People’s Meme Coin,” Flockerz offers crypto fans unrivaled community-building incentives and staking rewards.
Holders of Flockerz (known as “The $FLOCK”) are members of a decentralized autonomous organization (DAO) called Flocktopia, where they can draft and vote on governance and improvement proposals.
This structure ensures community consensus dictates the decisions rather than an opaque centralized authority, like with Shiba Inu.
Some 25% of the project’s 12 billion $FLOCK meme coin supply is for staking, with the protocol offering stakes yield of 362% on the tokens they stake over a two-year period.
The Flock is growing day by day!
7M raised and this flocks here to stay!pic.twitter.com/a8gFhYt4P8
— Flockerz (@FlockerzToken) December 17, 2024
The Flock has a big reason to celebrate today!
Flockerz is a transparent and fully audited project. That’s why Coinsult audited its smart contract, to give investors peace of mind.
Furthermore, Flockerz is eyeing up listings on both centralized and decentralized exchanges (CEXs and DEXs), so it has global ambitions to join Shiba Inu.
Join now. Follow Flockerz on X and Telegram.
The post Shiba Inu Faces a Massive 35 Trillion $SHIB Imbalance – Is a Crash Coming? appeared first on Cryptonews.
