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Shiba Inu: 286 Trillion SHIB Wall Might Be Stumbling Block to Price Surge

Fri, 07/07/2023 - 10:50
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Tomiwabold Olajide
Shiba Inu price advance finds biggest obstacle in 286 billion SHIB barrier
Shiba Inu: 286 Trillion SHIB Wall Might Be Stumbling Block to Price Surge
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Shiba Inu has maintained a range of $0.0000072 and $0.0000078 following price advances last week.

However, for the Shiba Inu price to rise, it must first break through a supply barrier near the $0.000008 mark, where 91,460 addresses purchased 31.99 trillion SHIB. SHIB was down 5.24% in the last 24 hours to $0.0000072 at the time of writing.

As  Shiba Inu battles to recapture support near the $0.000008 level, bulls and bears continue to battle over the important price barrier, with a massive supply wall forming just above the price level.

IntoTheBlock's Global In/Out of the Money shows a massive supply barrier ahead of the $0.000008 price level. This represents the biggest obstacle to SHIB's price advance at the moment, as this major region of interest may reject upward price action as underwater investors attempt to break even on part of their holdings.

Shiba inu Global In/Out of the Money, Courtesy: IntoTheBlock

The most significant supply wall ahead of Shiba Inu is in the range of $0.000008 to $0.000014, with most investors buying at an average price of $0.000010. This is where 400,380 addresses bought 286.42 trillion SHIB. If Shiba Inu can overcome this key barrier, SHIB may be able to advance to the $0.000014 to $0.000019 range.

Meanwhile, IntoTheBlock discovered that addresses with over 10 million Shiba Inu have increased their holdings in the last 30 days. Shiba Inu billionaires, or those who own 1 billion to 10 billion SHIB, have raised their holdings the most in the last 30 days, with a 2.77% gain in their balances.

Shiba Inu anticipates positive fundamentals

As reported, Shiba Inu lead Shytoshi Kusama unveiled the next direction for SHIB, which is to achieve complete, permanent decentralization of SHIB.

Kusama says the structural design has been completed and is now moving into the implementation phase, which is the final stage.

Shiba Inu (SHIB) New Direction and Plans Hinted at, Here's Exciting Part

At the Blockchain Futurist conference, which will be held in Toronto this August, Kusama promises the completed "World Paper" will be exhibited and all Shib-branded projects, including Treat, will be published. He also highlights the possibility of discussions and the release of the much-awaited Shibarium Layer 2 solution.

This positivity might boost SHIB's price in the days ahead.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.