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Dog-themed Shiba Inu reached a stalemate in its price action after bulls' attempts to lift SHIB back over $0.00001 were met with resistance on many occasions.
The Shiba Inu price continues to consolidate below this level, still unable to break above it. The coin is currently trading at $0.000009, up 0.46% in the last 24 hours. The coin has a market capitalization of $5.3 billion, ranking 18th among the top cryptocurrencies.
While bulls think of the next trick in the books, Shiba Inu is faced with a gigantic wall that might trigger 150% to 200% gains if surmounted. The Shiba Inu price would need to overcome this sell wall to unleash a massive rally that could take it to $0.000027, an about 200% increase from the current price of $0.000009024.
Tomiwabold OlajideAccording to IntoTheBlock's break-even price, Shiba Inu faces a sell wall at the $0.000009 and $0.000027 levels, where 635.38 trillion SHIB were bought by 457,771 addresses for an average price of $0.000015.
This implies that over 457,000 Shiba Inu addresses would need Shiba Inu to increase to these aforementioned price ranges for them to break even.
Shiba Inu sees spike in network transaction count
According to IntoTheBlock data, Shiba Inu is seeing a jump in the number of transactions metric, which reflects the number of transactions for a specific crypto asset on a given day.
Shiba Inu saw a jump in the number of transactions from 3,200 on Jan. 25 to 3,380 on Jan. 26.
The number of transactions partially reflects the utility obtained from a crypto asset. While this indicator, similar to daily active addresses, tends to move in tandem with price, a divergence between the two indicates less speculative and more organic use of the underlying crypto asset.
The 24-hour transaction volume for Shiba Inu came in at 3.4 trillion SHIB.
Yuri Molchan
U.Today Editorial Team
Vladislav Sopov
Dan Burgin