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Shiba Inu (SHIB) Price May Have Reached Its Limit, Here's Why

Thu, 07/27/2023 - 14:50
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Gamza Khanzadaev
Shiba inu bulls face tough battle as 48 trillion SHIB form sell wall to price surge
Shiba Inu (SHIB) Price May Have Reached Its Limit, Here's Why
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The Shiba Inu token, one of the most-talked-about cryptocurrencies, faces a significant hurdle as its price might have reached a possible local ceiling. Crypto analytics portal IntoTheBlock has released on-chain data indicating that the current stage of the token's price, which stands at an astounding 8.54 trillion SHIB, has hit breakeven.

SHIB to Reach Top 5, XRP to Return to Top 3 in Next Bull Run, Expert Claims

However, lurking just below, at a price between $0,000008 and $0.000009 per token, an enormous volume of 48 trillion SHIB tokens is concentrated.

Source: IntoTheBlock

The situation for the Shiba Inu token appears to be increasingly precarious. On the one hand, investors holding this substantial volume may find it difficult to endure further losses and might be inclined to sell while the price is still close to their purchase levels. On the other hand, if the price of SHIB manages to climb, it could create a temptation for these token holders to cash out of loss-making positions at least at breakeven, leading to potential selling pressure.

Billions of Shiba Inu (SHIB) on Move by Whales as Transactions Jump 197%

The risks associated with this massive volume of SHIB tokens coming into play are objectively higher at the moment, and this could potentially slow down or even prevent any significant price surges for the cryptocurrency.

SHIB to USD by CoinMarketCap

The struggle for dominance can be observed on the Shiba Inu price chart, which has depicted a tight trading range for the past nine days, with a mere 1% spread. This indicates a fierce battle between buyers and sellers as the token's future trajectory hangs in the balance.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.