Shiba Inu (SHIB) Eyes Epic 35 Trillion SHIB Bearish Imbalance

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As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of market fluctuations and trends. The current state of Shiba Inu (SHIB) is intriguing from both a price perspective and an on-chain analysis point of view.

Currently, the meme-driven cryptocurrency Shiba Inu (SHIB) is experiencing some turbulence, more specifically, its value has been affected. Over the past few weeks, numerous market corrections, liquidations, and large sell-offs have occurred, leading to a current price of $0.000022 for SHIB.

This is an important price support for the Shiba Inu token and is generally a point of interest for traders and investors. However, this level is even more interesting from an on-chain “behind the scenes” perspective.

Based on IntoTheBlock’s data, approximately 362 billion SHIB have been bought by various investors at this price point, across around 270 different addresses. Diving deeper, there were about 54,350 purchases made from 54,350 separate addresses below $0.000019, representing a total of 53.91 trillion SHIB or roughly $1.19 billion.

Approaching now, at a price point of approximately 0.000026 dollars, there’s a substantial accumulation of Shiba Inu tokens totaling 89.47 trillion SHIB, equivalent to roughly $1.97 billion. This considerable amount is being stored in 119,490 different wallets. Notably, these wallets are currently incurring losses, unlike those who originally purchased the token for a lower price than its current value.

In other words, the current selling resistance or “barrier” for the Shiba Inu token stands at approximately 35.5 trillion SHIB, and this level is only at the current price point.

How this imbalance will affect SHIB prices in the current reality is an open question.

As the year draws to a close with many people looking forward to New Year’s and Christmas celebrations, there’s a strong likelihood that demand for maintaining current positions will increase significantly. This surge in demand could potentially lead to a massive sale of hundreds of millions of dollars involving the Shiba Inu token, a volume that might exceed the purchasing power of potential buyers.

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2024-12-22 17:33