Shiba Inu Nears Critical 40 Trillion SHIB Support Level as Prices Fall

Shiba Inu, a dog-themed cryptocurrency, has seen a decline in its price of approximately 8% in the past day. Currently, SHIB is down 7.25% in the last 24 hours, trading at $0.0000234, following the overall cryptocurrency market’s fall. This sell-off has been driven by investors’ reactions to better-than-expected May jobs data and the recent livestream of meme coin trader Keith Gill, also known as “Roaring Kitty.” SHIB has been experiencing lackluster trade since late May, and it is approaching a crucial support level of 40 trillion SHIB. Analysts and traders are closely watching this level, as it may signal a potential rebound or stabilization in price. If the support level holds, buyers may step in, viewing it as an opportunity to buy. However, if the support level is breached, there could be further declines and selling pressure on SHIB. Another scenario is that SHIB may consolidate around this support level as traders wait for more signals and the market seeks direction.