Shiba Inu (SHIB) adds zero to its price as major altcoins suffer double-digit losses

Shiba Inu (SHIB) added a zero to the price as it returned to levels last seen in early October 2021. This coin meme rallied to hit an all-time high of $0.000088 on the 28th of October 2021. After trading for some time near the support at $0.000010, the bulls lost ground amid the latest price drop in the market. SHIB dropped to as low as $0.0000083 on June 12; the next stop could be near $0.000007 if this support fails.

Shiba Inu adds zero to its price point as key altcoins decline

To recover in an uptrend, buyers may push the price above the barrier at $0.0000146, or the price could return to its current consolidation range. According to WhaleStats, SHIB has returned to the top 10 largest assets, measured by the trading volume of 500 ETH whales in the past 24 hours.

Shiba Inu also faces buying pressure from whales, ranking among the top 10 most bought tokens. At press time, SHIB is trading down nearly 11% at $0.00000766, in line with the recent crypto market plunge. This has caused Shiba Inu’s average balance and the whale holdings’ value to drop. The top 500 ETH whales are accumulating $544,698,614 worth of SHIB.

Amid the widespread sell-off, SHIB has dropped 17th place in the cryptocurrency rankings by market capitalization, ceding 16th place to Avalanche (AVAX).

shiba-inu-shib-adds-zero-to-its-price-as-major-altcoins-suffer-double-digit-losses

SHIB/USD 4-hour chart | Source: TradingView

As shared by core Shiba Inu developer Shytoshi Kusama, SHIB was promoted during a radio show on one of the top-rated FM channels, “Urbana Play 104.3 FM”, in Buenos Aires, Argentina. Shytoshi Kusama also retweeted Welly’s tweet, stating that the final and public phase of Welly NFTs has begun, with the remaining NFTs expected to be minted shortly.

To clarify the purpose of Welly’s NFTs, lead developer Shiba Inu states that NFTs were created to act as smart contracts for Welly’s specific locations. He said that was the only reason to start with the low price at 0.12 ETH.

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