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In a roller coaster of events today, the Shiba Inu token, SHIB, experienced a momentous milestone as its price briefly kissed the $0.00001 mark, marking the erasure of a zero from its value.
This psychological threshold has long been anticipated by the SHIB community, reflecting both hope and skepticism within the crypto space. However, the celebration was short-lived, as 15 minutes later, the token retraced its steps, adding a zero back to its price figure.
Amid this price volatility, data from the IntoTheBlock portal revealed a staggering revelation - a colossal 129.4 trillion SHIB tokens are concentrated within the price range of $0.00001 to $0.000011. Held in 92,330 wallets, this accounts for about 20% of the circulating supply of the token.
Remarkably, this massive volume has been consistently unprofitable for its holders, prompting swift sell-offs whenever SHIB approaches these values.
The pressing question now looms over SHIB's fate: will the token be able to sustain itself at these price levels? The concentration of tokens at this range, previously unprofitable for holders, adds an element of uncertainty.
The fear is that if this substantial volume continues to be offloaded, it may trigger further selling among those who have already profited from the Shiba Inu token.
In the midst of this complex scenario, SHIB finds itself at a precarious crossroads, facing pressure from all sides. The erasure of a zero brought momentary excitement, but the subsequent price retracement and the looming threat of mass sell-offs have cast a shadow on the token's immediate future.