Shiba Inu (SHIB), a dog-themed cryptocurrency, is currently facing a critical test as it hovers above a key support level. There are 142 trillion SHIB being held in a range where Shiba Inu currently trades. The cryptocurrency has experienced profit-taking, causing its price to decline by 2.76% in the last 24 hours. The next support level will determine the future price trend for SHIB. If the support holds, there could be a rebound and potential rally. However, if the support fails, SHIB may enter a range trading phase. Additionally, Shibarium, the layer-2 blockchain within the Shiba Inu ecosystem, has seen a surge in daily transactions, reaching over 419 million total transactions.



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