In a move poised to shake up the Shiba Inu (SHIB) market, recent on-chain data reveals a potential path for the meme coin to reclaim the elusive $0.00001 mark. The key lies in addressing the concentration of SHIB liquidity at specific price levels, according to insights from IntoTheBlock.
As of the latest data, a staggering $3.27 trillion SHIB tokens are currently concentrated around the $0.000009 price point across 5,640 addresses. Remarkably, these tokens are holding steady at breakeven for their respective holders, showcasing a critical support level for the Shiba Inu community.
However, a challenge emerges with a significant volume of 47 trillion Shiba Inu tokens concentrated at a slightly higher level, precisely at $0.00001 per SHIB. Unfortunately, this concentration is proving detrimental, causing losses for its 28,930 holders at present. For SHIB to ascend beyond the coveted $0.00001 threshold, it must absorb this substantial volume that threatens to flood the market as soon as the price approaches this critical level.
This strategic move to trim a zero from Shiba Inu's price is contingent on absorbing and neutralizing the selling pressure from this concentrated volume. The successful execution of this plan would not only elevate SHIB above the sought-after mark but also potentially pave the way for sustained growth.
The strategic absorption of token volume could serve as the catalyst needed to drive Shiba Inu toward the coveted milestone, injecting renewed optimism into the SHIB market.