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Only 76 Trillion SHIB Left For Shiba Inu's Price to Move Forward

Sun, 08/27/2023 - 11:06
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Arman Shirinyan
Shiba Inu's move forward is more than possibility, according to on-chain metric
Only 76 Trillion SHIB Left For Shiba Inu's Price to Move Forward
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Shiba Inu (SHIB)  is currently in a state of low volatility. As of the latest data, SHIB is trading at $0.00000813, and it has been hovering around this level for the past seven days. This lack of price movement may be a precursor to a significant shift, and one key metric, global in/out of the money (GIOM) by IntoTheBlock, could provide some insights.

The GIOM metric identifies the average cost at which tokens were purchased for any address with a balance. If the current price is greater than the average cost, the address is "in the money"; if less, it is "out of the money." According to this metric, only 76 trillion SHIB tokens are left for the price to move forward. This suggests that a large portion of SHIB holders are currently "in the money," which could act as a resistance level for the cryptocurrency.

ITB Chart
Source: IntoTheBlock

From a technical standpoint, the low volatility in SHIB's price could be a double-edged sword. On the one hand, it indicates a lack of buying pressure, but on the other, it means that less liquidity is needed for the price to move upward. This could be advantageous if a sudden surge in buying power occurs, as it would require less capital to push the price higher.

Moreover, the upcoming developments in the Shiba Inu ecosystem, such as the relaunch of Shibarium, could act as catalysts for price movement. Despite initial hiccups, like more than 1,000 ETH being stuck in the bridge, the relaunch could influence market sentiment and potentially drive the price up.

While the current low volatility and the GIOM metric indicate a resistance level for SHIB, they also present an opportunity. A sudden influx of buying power could easily push the price higher due to the low liquidity needed.

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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.