19 Trillion Shiba Inu (SHIB) Cluster: Here’s What It Implies

by

As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I find myself intrigued by the current state of Shiba Inu (SHIB). With 19 trillion SHIB held at breakeven levels, it’s like standing at a crossroads, waiting for the traffic to clear before making a move.

Based on data indicating that about 19 trillion Shiba Inu coins are held by addresses at a profitable level, Shiba Inu is fast approaching a crucial stage in its market behavior. The immediate price fluctuations of SHIB are heavily influenced by this substantial group of tokens, which constitutes a significant portion of the overall supply.

The data suggests that the Shiba Inu coin (SHIB) is currently valued at roughly $0.000014, and approximately 65.5% of active wallets have kept their Shiba Inu coins either equal to or near its current value. This equates to around 1.12K addresses, holding a collective total of 19.46 trillion SHIB. This grouping is noteworthy as it demonstrates that many Shiba Inu coin holders are neither suffering substantial losses nor experiencing substantial gains.

19 Trillion Shiba Inu (SHIB) Cluster: Here's What It Implies

Approximately one-quarter (24.48%) of Shiba Inu (SHIB) wallets currently have a profit due to the current prices, amounting to around 385 wallets. This group represents about 12% of the total SHIB held, suggesting that a sizable portion of holders may be anticipating realizing their profits if the price of SHIB rises further.

On the previous day, a total of sixty-one notable transactions accounted for approximately 1.42% of the SHIB supply. Although there was consolidation, it’s worth mentioning that the transaction volume remains high compared to other days. However, this volume is significantly lower than its seven-day maximum of 3.03 trillion SHIB, suggesting that major players have not yet intensified their activity with the token.

Recently, there’s been a surge in large transactions and signs of profitability, suggesting that Shiba Inu (SHIB) might be entering a period of consolidation. The fact that many addresses are now at the breakeven level indicates that the current price is a crucial turning point. Whether we see a breakout or breakdown from here could depend on external market triggers.

Read More

2024-09-24 14:23