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Shiba Inu (SHIB) has seen a mild price rebound on the daily chart, suggesting the meme coin’s sell-off trend might be over. At the time of writing, the coin jumped by 3.76% in 24 hours to $0.00001476, paring off the losses of the past week to 4.4%. Despite this recovery, a discovery by IntoTheBlock shows the Shiba Inu rebound might be short-lived.
SHIB sell wall
According to the Shiba Inu profitability chart, the token now has a total of 143.6 trillion SHIB, or 14.58% of the total supply, in profit. More Shiba Inu tokens, or 83.68%, are out of profit and total 823.96 trillion SHIB.
Arman ShirinyanWhile the token has recorded negative growth over the past 90 days, the ongoing recovery has signaled a positive trend ahead. However, according to the profitability chart, the accumulation distribution points to an epic sell wall ahead.
Per the data, 136,000 addresses have bought a total of 535.61 trillion SHIB at an average price of $0.000017. While Shiba Inu is far from hitting this price mark, the range of $0.000015 to $0.000019 forms the biggest hurdle for the meme coin on its recovery journey.
Shiba Inu and Pectra catalyst
With the massive rout, the altcoin world has seen different projects leaning on positive ecosystem fundamentals to anchor their recovery. As reported by U.Today, Shiba Inu executives have outlined how the Pectra Upgrade can impact the SHIB ecosystem.
Tomiwabold OlajideAccording to Lucie, following the upgrade, fees on Shibarium Bridge are bound to be cheaper, and users will be onboard easily. This expected change can drive more adoption of SHIB and potentially impact its accumulation and price surge.
Meanwhile, the SHIB burn metric has remained relatively elevated, with millions of tokens lost permanently to drive scarcity.
Dan Burgin
Vladislav Sopov