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Popular meme-inspired cryptocurrency Shiba Inu (SHIB) saw its quotes rise by 17.82%, reaching a multi-month high at $0.0000199. However, as the token approaches the crucial $0.00002 price mark, a major obstacle may be standing in its way.
As IntoTheBlock made known, the way for the Shiba Inu token's price to $0.00002 is hampered by a massive "roadblock" of about 11.5 trillion SHIB. This volume is an amount of the Shiba Inu tokens concentrated in 15,800 wallets, which bought this lot of SHIB in the range between the current price and $0.00002.
Arman ShirinyanAs things stand, the holders of these tokens are currently experiencing losses. Such a conjecture creates substantial sell pressure for the popular meme-inspired cryptocurrency worth a whopping $215.74 million in current prices. This amount is equal to a third of SHIB's trading volume on the spot market right now.
If the price of SHIB manages to get this volume at loss absorbed, and if the bullish momentum is still there, then enthusiasts and traders of the meme cryptocurrency may indeed soon see a new number in its figure.
Gamza KhanzadaevAll in all, right now, Shiba Inu is facing a major test as it tries to clear the 11.5 trillion SHIB barrier. It is not yet clear if it can keep up its bullish momentum, but this is a situation that investors and market participants should keep an eye on.
How the market handles this selling pressure could give us more insight into what the future price action for Shiba Inu might be.
Tomiwabold Olajide
Denys Serhiichuk
U.Today Editorial Team
Vladislav Sopov
Dan Burgin