88.9 Trillion Shiba Inu (SHIB) Sell Wall Spotted, Is This Bad?

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As a seasoned crypto investor with a knack for sniffing out potential winners, I find myself intrigued by Shiba Inu (SHIB) at this juncture. Despite the current 0.38% dip and the looming sell wall at $0.000024, I remain optimistic about its short-to-mid term prospects.

The cryptocurrency Shiba Inu (SHIB) appears to be at a significant turning point, mirroring trends observed within the broader altcoin market, as most coins are currently shedding some of their recent gains. At this moment, Shiba Inu’s 24-hour price stands at $0.00001859, representing a minor decrease of 0.38%. Despite these temporary losses, there is strong belief that the meme coin will remain robust in the near and mid-term future.

Real Shiba Inu sell wall

Based on information from the crypto analysis platform IntoTheBlock, it appears that Shiba Inu has established a significant barrier for selling or resistance within the price range of approximately $0.00002 to $0.000024.

At a cost of about $88.98 trillion, 88.98 trillion SHIB were bought at an average price of just $0.000022 each. However, the meme coin has not yet surpassed this price mark in mid-June, as it currently stands. Given the technical patterns around selling barriers, if the price reaches this level again, numerous HODLers may decide to sell their tokens.

In simpler terms, the increasing trend for Shiba Inu suggests it may take some time before it reaches this resistance level again. Consequently, the term “sell wall” implies that the token’s value remains stable regardless of current price fluctuations, as a significant sell-off is unlikely unless an extraordinary event like a “black swan” occurs.

Shiba Inu safeguards

Shiba Inu possesses certain protective mechanisms that enable it to withstand significant market turbulence. Occasionally, SHIB shows a differing relationship compared to Bitcoin‘s price movement. Although this is usually unfavorable, it can aid the token in plotting its growth trajectory when there’s excitement within its community over an ecosystem upgrade or new product release.

Shibarium, our Layer-2 scaling technology, is constantly advancing. Lately, improvements focusing on Non-Fungible Tokens (NFTs) demonstrate its versatility in various applications.

In essence, adopting this product could significantly promote the usage of SHIB, potentially minimizing severe sell-offs in the future.

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2024-10-30 19:05