Shiba Inu Price Faces Critical Support Level as Holders Near 1.7 Million

Shiba Inu's price has slipped by 2.6% in the last 24 hours, but new holders continue to join the community at a steady pace.

In the past two weeks, over 3,300 fresh holders have joined Shiba Inu, bringing the total number of holders close to 1.7 million, according to Etherscan data provided by BSCNews.

The market capitalization of Shiba Inu stands at $3.291 billion, which is approximately 94% below its peak in October 2021.

From a technical analysis perspective, the daily chart shows that Shiba Inu trades within an ascending channel, with price approaching the support level of $0.00000530.

If this support level holds, it could trigger a bounce and potentially push the price up to $0.00000723, which is the channel ceiling.