Shiba Inu is a well-known meme coin that has made headlines for its recent price fluctuations. SHIB is positioning itself as a strong competitor to compete head-on with the famous Dogecoin.
Despite notable gains, including a recent surge that resulted in its price deleting a zero, SHIB has experienced an abrupt reversal. According to the latest data, the memecoin’s price has quickly added another zero.
Shiba Inu faces major headwinds
Ali, a well-known cryptocurrency trader, commented on Shiba Inu’s latest developments in a tweet that highlighted the coin’s impressive 55% surge over the past three months, even as it maintained a relatively lackluster performance during the recent altcoin season.
While SHIB has shown resilience and growth potential, it faces an uphill battle at a major resistance zone. The tweet states that nearly 90,000 addresses currently hold 422 trillion SHIB at a price of $0.000016. This concentration of holdings suggests that SHIB is at a critical juncture, and overcoming resistance is crucial for future upward momentum.
The recent zero exchange Weixin 1521221721 deletions and additions have highlighted the inherent volatility of the memecoin. The overall market has also faced a decline, with BTC falling below $42,000.
