‘Dogecoin Killer’ Shiba Inu (CRYPTO: SHIB) is holding firm at a crucial horizontal support level, fueling speculation of significant upside potential.

Trader Notes: Traders are closely monitoring the meme coin’s price action as it shows resilience in a challenging market environment.

Astekz, a crypto trader, predicts a parabolic move for SHIB from its current levels.

Bitcoinsensus highlights increased buying activity, suggesting upward momentum.

SHIB is holding above the $0.000024 support level, signaling strength. Resistance at $0.000028 is key breaking above it could trigger substantial gains.

Alpha Crypto Signal emphasizes SHIB’s ability to hold its horizontal support despite market headwinds.

They advise a cautious trading approach: starting with small positions, monitoring key levels, and scaling up as momentum builds: “Keep an eye on key levels and trade cautiously!”

Statistics: IntoTheBlock data shows Shiba Inu large transaction increased by 27.8% while daily active addresses narrowed by 1.6%. Transactions greater than $100,000 narrowed from 848 to 763 in single day.

SHIB holders in profit increased to 73%, up from 60% a few days ago.

Shibburn data shows the ecosystem burned 17 million coins in the past 24 hours with 10 million coins in one transaction.

Community News: Lucie, the marketing lead for Shibarium, announced a new meme coin, SHIFU, joining the SHIB ecosystem. SHIFU airdrops are designed to benefit LEASH holders, BONE holders, SHIB gamers and NFT enthusiasts. This initiative underlines the Shiba Inu community’s focus on inclusivity and innovation.

Read Next: 

• Dogecoin Drops 14%, Shiba Inu Sinks 17%: What’s Behind The Decline?

Image: Shutterstock