Shiba Inu’s Bull Run Faces Massive $1.58 Billion Bear Block

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Today, the cost of Shiba Inu (SHIB) is experiencing a remarkable surge, climbing approximately 10% throughout the trading day. As the price recovers significant support at around $0.000024, there’s much anticipation about the next vital milestone at $0.00003.

At the start of the new year, a previously thought-to-be-unshakable price point was surrendered by the Shiba Inu token.

Nevertheless, Shiba Inu’s recent market behavior seems to suggest a potential reclaiming of this significant price point. While some might perceive cryptocurrency prices as symbolic rather than tangible, on-chain data offers us insights into the underlying factors that influence token performance and give credence to the numerical price values.

In reference to Shiba Inu (SHIB), currently trading at around $0.00003, there is an obstacle represented by roughly 65.46 trillion tokens, which amounts to a significant value of approximately $1.58 billion. This amount was purchased by about 203,750 wallets, with each transaction falling within the price range of $0.000024 to $0.00003 per SHIB.

When it comes to Shiba Inu (SHIB), priced at around $0.00003, there’s a substantial hurdle in the form of 65.46 trillion tokens, equivalent to approximately $1.58 billion. This large sum was amassed by around 203,750 wallets, each purchasing within the price range of $0.000024 to $0.00003 per SHIB.

If buyers manage to handle this possible drop in price, then the Shiba Inu token could experience a substantial increase as it continues its journey towards reaching the highly sought-after price level.

Keep in mind that at the moment, owning SHIB is resulting in losses for many investors, and this trend might continue. Over 356,120 individual wallets presently hold about 65.2 trillion SHIB, and given their current losses, they could potentially decide to sell.

As an analyst, I’m pondering over two key aspects: Will the purchasing strength of the bulls be sufficient to mop up this excess liquidity? And is there a possibility that those investors who are currently in the red with their SHIB holdings might decide to offload, at least when they reach breakeven points?

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2025-01-17 16:02