Shiba Inu (SHIB) is facing a crucial challenge for its price: not to add another zero. During the week, the market experienced a surge fueled by excitement about the approval of a Bitcoin ETF in the United States.
Shiba Inu was not left out of the market's positive action, posting four consecutive days in the green after prices rallied from $0.0000085 on Jan. 8. On three of the four days, Shiba Inu traded above $0.00001.
However, when the initial euphoria faded, the market reversed direction, and several cryptocurrencies, including SHIB, are presently trading in the red.
The real battle then comes for the bulls: will they guard the $0.00001 level from the invasion of the bears?
The fact that the SHIB price has moved in and out of this key level on several occasions might suggest a fierce tussle between bulls and bears.
Shiba Inu is currently at $0.00001, with a tiny downside move nudging SHIB to add another zero to its price. SHIB was down 1.27% in the last 24 hours to $0.00001008 at the time of writing.
122 trillion SHIB at play
Data from Onchain Analytics firm IntoTheBlock offers a scenario as to what is going on with the SHIB price.
IntoTheBlock's Global In/Out of the Money groups all addresses’ positions into clusters based on the number of addresses (or volumes) that had previously been bought at a certain price range. With this, users can gain a better idea of buying or selling pressure in a certain price range.
Based on the Global In/Out of the Money Indicator, 122.37 trillion SHIB were purchased by 103,420 addresses at an average price of $0.000010, which is around where SHIB trades presently.
Bearing this in mind and the enormous quantity of SHIB bought at this range, bulls appear to be fighting tooth and nail to keep SHIB from losing the $0.00001 level and, thus, adding an extra zero to its price.
In case the bulls' effort to save this level is unsuccessful, SHIB would find the next support at $0.000009, where 110.52 trillion SHIB were bought by 185,880 addresses.