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26 Trillion SHIB Are 'Securing' This Price Level

Mon, 06/26/2023 - 08:44
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Arman Shirinyan
Shiba Inu facing another major resistance level before gaining foothold above $0.000008
26 Trillion SHIB Are 'Securing' This Price Level
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The world of cryptocurrencies is dynamic, and Shiba Inu (SHIB) is no exception. According to recent metrics, the In/Out Of Money Around Price (IOMAP) indicator points to a significant level at $0.000008, where approximately 26 trillion SHIB tokens are currently located.

The IOMAP indicator is a useful tool for understanding the distribution of a cryptocurrency across different price levels. It identifies the average cost at which tokens were purchased for any address with a balance. If the current price is higher than this average cost, the address is considered "In the Money." If the current price is lower, the address is "Out of the Money." The indicator analyzes clusters within a range of +/- 15% of the current price.

Shiba Inu chart
Source: IntoTheBlock

At present, SHIB's price level is hovering around $0.0000078. This means that to reach the $0.000008 price level where a massive amount of SHIB is located, Shiba Inu would need to overcome the substantial trading volume at this point. If it manages to breach this level, it would put a significant portion of SHIB holders in the "In the Money" category, which could potentially lead to increased market positivity and propel the price even further.

This significant amount of SHIB at the $0.000008 level can be seen as a form of "securing" this price level, as these investors may act as a potential barrier against price drops. However, it is important to note that the market is highly volatile and sentiment driven, and these dynamics can change quickly.

Should the price of SHIB rise above this level, it could trigger a surge of positive sentiment among investors, possibly leading to more buy orders and pushing the price even higher. Conversely, if the price struggles to surpass this level due to selling pressure, it could act as a firm resistance level in the short term.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.