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The price of Shiba Inu (SHIB) is having an incredible day today, soaring nearly 10% during the course of the trading session. With the price of the popular meme-inspired cryptocurrency regaining key support at $0.000024, all eyes are on the next crucial barrier at $0.00003.
Once seemingly unbreakable, this price level was lost for the Shiba Inu token at the beginning of the new year.
Godfrey BenjaminHowever, SHIB's recent price action is giving some sort of indication that this important level will be conquered once again. Some may argue that the price of cryptocurrencies is more metaphorical than real, but with the on-chain data supporting the performance of tokens, we get some evidence of what is behind the price number.
For example, in the case of SHIB and its price of $0.00003, there is a "roadblock" worth approximately 65.46 trillion tokens. This is exactly the equivalent of $1.58 billion bought by 203,750 wallets in the range of $0.000024 to $0.00003 per SHIB.
If buyers are able to absorb this potential sell-off, then the Shiba Inu token will receive a significant boost in its march toward the coveted price point.
Remember, this volume of SHIB is currently causing losses for its holders, and there are more to come, with a total of 356,120 addresses holding 65.2 trillion SHIB currently experiencing losses. They may start to sell.
Tomiwabold OlajideThe question is whether the buying power of the bulls will be enough to absorb this liquidity, and whether those who currently have a negative PnL on their SHIB will want to unload, at least at break-even.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Godfrey Benjamin
Yuri Molchan
Vladislav Sopov
Dan Burgin