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In recent market activity, the Shiba Inu token (SHIB) has captured the attention of investors as its price inches closer to the coveted $0.00001 mark. Over the last two partial weeks, SHIB has demonstrated a notable increase of over 10%, climbing from $0.0000088 to $0.0000098. While this surge is undoubtedly impressive, it falls just short of the milestone desired by enthusiasts of the cryptocurrency.
Tomiwabold OlajideWhat stands between SHIB and the much-discussed $0.00001 threshold is a staggering 16.12 trillion Shiba Inu tokens, as revealed by on-chain data from IntoTheBlock. This substantial figure represents the volume of SHIB held across 27,850 wallets, all of which were acquired at the desired price point but now face losses.
Consequently, a significant sell wall looms over the market as holders of these trillions of tokens await an opportunity to offload their assets.
For bullish investors eyeing the erasure of a zero from SHIB's price figure, the challenge lies in having the necessary purchasing power to absorb this considerable volume. The impending sell-off from holders eager to mitigate losses presents a critical hurdle that must be overcome to propel SHIB to the desired milestone.
Despite the optimism surrounding SHIB's recent gains, the road to $0.00001 per token remains fraught with obstacles. As the market braces for potential sell pressure from long-standing holders, the ability of bullish investors to meet this demand will ultimately determine the fate of SHIB's price trajectory.
Gamza KhanzadaevWith anticipation mounting, all eyes are on whether SHIB can surmount this final hurdle and achieve the long-awaited milestone of erasing a zero from its price.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin