Main navigation

4 Trillion SHIB Left Until Shiba Inu Reaches Fundamental Price Level

Tue, 06/20/2023 - 10:30
article image
Arman Shirinyan
Enormous SHIB volume present at around current price, here's how it might affect price performance
4 Trillion SHIB Left Until Shiba Inu Reaches Fundamental Price Level
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

As the cryptocurrency market continues to grapple with volatility, Shiba Inu (SHIB) is under the spotlight. The meme-inspired cryptocurrency is currently trading at $0.000007, with approximately four trillion SHIB tokens floating around at this price level.

IntoTheBlock's "In/Out of the Money" (IOM) indicator provides a perspective on the current SHIB distribution. According to the indicator, for any address-holding tokens, it identifies the average cost at which those tokens were acquired and compares it with the current price. If the current price is greater than the average cost, the address is considered to be "in the money." Conversely, if the current price is below the average cost, the address is "out of the money."

IOM indicator
Source: IntoTheBlock

At present, there are clusters of SHIB holders situated at a +/- 15% price difference from the current level. These clusters represent potential selling pressure or buying power, depending on price movement.

The journey to the next price threshold of $0.00008, however, might not be smooth sailing for SHIB. There are approximately 15 trillion SHIB tokens currently trading at a loss. In other words, these tokens were purchased at a higher price than the current level, thereby creating a wall of potential selling pressure. For SHIB to ascend to the $0.00008 mark, it will need to overcome this wall, which would require a significant inflow of buying power.

Shiba Inu (SHIB) Soars 18% Last Week: Here's What May Happen This Time

The IOM indicator is a powerful tool in understanding the potential trajectory of SHIB's price performance. If the price continues to increase, SHIB tokens held "out of the money" may transition to being "in the money," which could alleviate selling pressure and aid in driving the price up further. Conversely, if the price drops, more tokens may fall "out of the money," potentially increasing the selling pressure.

article image
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.