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The Doge-inspired meme cryptocurrency Shiba Inu ($SHIB) has experienced a significant selloff, resulting in a 21% decline in its value over the week, bringing it down to $0.000022.
This price level is considered a crucial support threshold, as indicated by on-chain data from IntoTheBlock, which reveals that meme coin investors have accumulated approximately 362 billion SHIB across 270 addresses at this price level.
If the price drops further to $0.000019, there are around 54,350 transactions involving a staggering 53.91 trillion SHIB, valued at roughly $1.19 billion.
On the other hand, at $0.000026, approximately 89.47 trillion $SHIB—valued at about $2 billion—is held by 119,490 addresses, all of which are currently incurring losses.
Thus, between the price points of $0.000019 and $0.000026, there exists an imbalance, specifically a sell wall exceeding 35.5 trillion SHIB around the current price, creating substantial resistance.
Despite a sharp recent decline below its anticipated support level over the past three months, there are indications that the meme coin may rebound above the secure zone of $0.000026.
A rising relative strength index (RSI) of 40 suggests that many are taking advantage of the dip, and if this trend continues, $SHIB supporters may help it recover from the worst of the downturn.
The fact that the token has gained 0.2% in the past 24 hours while its counterpart, Dogecoin ($DOGE), has decreased by 1.6% indicates this possibility.
While Shiba Inu Declines, Flockerz Soars
Despite the downturn in cryptocurrency prices across the market, this festive season is heralding a new era of high-utility meme coins that are still in presale. This presents astute investors with the opportunity to purchase at potentially all-time-low (ATL) prices.
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One such offering is the new vote-to-earn (V2E) Flockerz ($FLOCK), a presale that commenced in early Autumn and has successfully raised $7.65 million.
Promoting itself as “The People’s Meme Coin,” Flockerz provides crypto enthusiasts with unparalleled community-building incentives and staking rewards.
Holders of Flockerz (referred to as “The $FLOCK”) are part of a decentralized autonomous organization (DAO) named Flocktopia, where they can propose and vote on governance and improvement initiatives.
This framework ensures that community consensus drives decisions rather than a non-transparent centralized authority, as seen with Shiba Inu.
Approximately 25% of the project’s total supply of 12 billion $FLOCK meme coins is allocated for staking, with the protocol offering a staking yield of 362% on the tokens staked over a two-year duration.
The Flock is expanding daily!
7M raised and this flock is here to stay!pic.twitter.com/a8gFhYt4P8
— Flockerz (@FlockerzToken) December 17, 2024
The Flock is expanding daily! 
The Flock has a significant reason to celebrate today!
Flockerz is a transparent and fully audited initiative. This is why Coinsult has audited its smart contract, providing investors with reassurance.
Additionally, Flockerz is pursuing listings on both centralized and decentralized exchanges (CEXs and DEXs), indicating its global aspirations to rival Shiba Inu.
Join now. Follow Flockerz on X and Telegram.
The post Shiba Inu Faces a Massive 35 Trillion $SHIB Imbalance – Is a Crash Coming? appeared first on Cryptonews.
