Dog-themed cryptocurrency Shiba Inu (SHIB) is approaching a crucial resistance level, with 162 trillion SHIB marking a significant barrier that could determine its next market move.
At the time of writing, SHIB was up 3.52% in the last 24 hours to $0.000193 as the crypto market sustained an earlier rebound following the Fed's interest rate decision this week.
According to IntoTheBlock data, 162.23 trillion SHIB are being held in the range between $0.00002 and $0.000022 by 144,610 addresses. Historically, large SHIB holdings have provided both strong support and major resistance levels. As traders assess price action, the 162 trillion SHIB range is now acting as a major hurdle that SHIB must surpass to sustain its current rebound.
Given the enormous holding at this range, holders may look to take profits if the price reaches here, adding to selling pressure. If buying momentum outweighs selling activity, SHIB may experience a breakout.
On the other hand, if buyers fail to breach this barrier, SHIB may face further consolidation or a potential pullback.
Shiba Inu is currently approaching the 162 trillion SHIB range, with traders looking for signs of a breakout or rejection. Where Shiba Inu trends next, however, remains unknown.
Shiba Inu ecosystem gets upgrade
Shiba Inu's ecosystem has recently gotten an upgrade with the launch of ShibTorch V2, which brings advanced features to the burn process.
To celebrate the progress the SHIB team is making, the deployer has burnt a pending one billion SHIB, according to Shiba Inu developer Kaal Dhairya, permanently removing the tokens from circulation and marking another step in SHIB’s deflationary strategy.
Each Shibarium transaction generates fees for a burn contract. When enough BONE (Shibarium's gas token) accumulates, users can initiate a burn, which automatically converts BONE to SHIB and sends it to a dead wallet.
This burn is part of Shib’s long-term strategy to reduce supply and enhance sustainability. With ShibTorch V2 and Shib OS, the Shiba Inu project is evolving beyond its origins, creating a decentralized ecosystem where every transaction helps shape SHIB’s future.
