Shiba Inu Adds Another Zero; Analyst Warns of Major Resistance

Shiba Inu, a prominent meme coin, has been grabbing headlines with its recent price fluctuations. SHIB has positioned itself as a serious contender, engaging in head-to-head competition with the well-known Dogecoin.

Despite its notable achievements, including a recent surge that led to the deletion of one zero from its price, SHIB has experienced a sudden reversal. The meme coin swiftly added another zero to its price, according to the latest data.

Also read: Shiba Inu Investor Turns $8,000 to $5.7 Billion, Here’s How

Shiba Inu faces major resistance

Renowned crypto trader Ali weighed in on Shiba Inu’s recent developments in a tweet. The tweet highlighted the coin’s impressive 55% surge in the last three months, even as it maintained a relatively subdued presence during the recent altcoin season.

While SHIB has shown resilience and potential for growth, it faces a formidable challenge in the form of a major resistance zone. The tweet points out that nearly 90,000 addresses currently hold a substantial 422 trillion SHIB at $0.000016. This concentration of holdings suggests a critical juncture for SHIB, where overcoming resistance becomes paramount for future upward momentum.

Also read: Shiba Inu To 1 Cent? Google Bard Predicts When SHIB Could Hit $0.01

The recent deletion and addition of zeros underscore the inherent volatility in meme coins. The overall market has also faced a decline, with BTC dropping below $42,000.