In a surprising turn of events, the Shiba Inu token has witnessed a robust 12% surge in the past week, reclaiming its position above the $0.00001 mark. The resurgence has sparked enthusiasm within the expansive SHIB community, reigniting discussions about the possibility of a sustained bullish trend.
However, the pivotal question looming over SHIB's future remains: Can the token double in price and ascend to $0.00002? To unravel this mystery, a dive into the on-chain data provides essential insights into the current market dynamics surrounding Shiba Inu.
According to data from IntoTheBlock's "In/Out of the Money Around Price" indicator, approximately 122.37 trillion SHIBs currently hover in the price range at 103,420 addresses. These tokens are either generating marginal profits or maintaining breakeven status for their holders. Yet, the real challenge lies ahead.
A staggering 514.8 trillion SHIBs, comprising 87.36% of the total circulating volume, are concentrated between the current price and $0.000019 per SHIB. This considerable volume is distributed across 269,860 wallets, creating a formidable barrier for SHIB's upward trajectory.
The subsequent price ranges beyond $0.000019 reveal a significantly lower concentration of SHIBs, suggesting that overcoming the current hurdle is crucial for any substantial price appreciation. The Shiba Inu token finds itself sandwiched between two major holder groups — the majority grappling with losses and a smaller faction relishing profits or avoiding negative PnL.
The burning question now lingers: What lies ahead for the Shiba Inu token?