Shiba Inu market cap targets $7 billion as whales hold 94.6% of supply

Shiba Inu (SHIB), a popular meme-based cryptocurrency, is aiming to regain bullish momentum after a recent correction. The project’s community hopes that an upward move would help eliminate another zero from the token’s price and increase the market capitalization to $7 billion. SHIB experienced a strong rally in the third quarter, gaining 39.3%. However, this upward trend has since reversed, with the price retreating to approximately $0.00000516. The coin’s market capitalization now sits at around $3.05 billion, and price action has stalled. Analysts point to the 23-week moving average as a crucial resistance level. The token’s price has slipped below this benchmark, and the next notable support rests at the psychologically significant $0.00000500 mark. This level also serves as a key threshold for maintaining SHIB’s $3 billion market cap.

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