As a seasoned crypto investor with a keen interest in meme coins and altcoins, I’ve closely followed Shiba Inu (SHIB) and its price movements. The recent reversal in SHIB’s uptrend has been disheartening, but as someone who’s been through multiple market cycles, I remain cautiously optimistic.
Shiba Inu (SHIB) has experienced a significant change in its upward trend as the attempt to reach the $0.00003 mark has encountered a substantial obstacle. The momentum of growth has slowed down, and according to crypto analytics service provider IntoTheBlock (ITB), the crucial resistance level and trading volume are potential indicators of this price adjustment.
19 trillion SHIB resistance spotted
According to the provided information, the breakeven price for Shiba Inu is $0.000025, which is where half of its total supply in circulation, amounting to 72.96 trillion SHIBs, is traded. Approximately 5.13% of all Shiba Inu wallets, or 68,620 addresses, hold this quantity.
As we aim to advance beyond the current level, we encounter a significant resistance zone between $0.00003 and $0.000036, with an average price of $0.000033. Approximately 140,130 addresses have amassed a total of 19.44 trillion SHIB within this resistance zone. Keeping a close eye on this hurdle is crucial as it represents one of the most significant barriers to reaching the coin’s all-time high (ATH).
If the approximately 140,000 addresses that have amassed tokens decide to sell once they receive their profits, there could be a significant drop in price. In general, the Shiba Inu market has seen a larger number of addresses holding profitable tokens.
According to ITB data, approximately 61.82% of the total addresses in the ecosystem, which amounts to 827,480 addresses, are considered profitable or “in the money.”
The Shib Inu “difference”
As a researcher studying the cryptocurrency market, I’ve noticed that Shiba Inu stands out among other notable altcoins due to its impressive ambition. Originally a meme coin project, SHIB has demonstrated agility by making significant pivots throughout its existence. With a market capitalization of $15.09 billion and a price point of $0.00002557, this asset ranks as the 12th largest in our analysis, boasting a total value of over $15 billion.
SHIB’s price drop could be a brief setback, as the larger crypto market surges on the anticipation of Ethereum ETF approval. Although the official go-ahead hasn’t been announced yet, this optimistic outlook is fueling the market’s upward trend, and SHIB is capitalizing on it.
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2024-05-23 17:39