Shiba Inu (SHIB) price has resumed winning, with the meme coin rising by 3.76% to $0.00001078. Despite being a highly volatile meme coin, SHIB has recently fallen out of favor due to its slow growth compared to other top-ranked digital assets.
SHIB price has increased in trading today, as has the market as a whole. SHIB was up 4% earlier in the day but then fell back, and the token is presently trading at $0.0000107. If market participants’ favorable sentiment continues, SHIB can be predicted to continue its “journey north.”
SHIB/USD 4-hour chart | Source: TradingView
Yet, as IntoTheBlock data reveals, this will produce unprecedented seller pressure on the SHIB price at some point. The value for that point should be $0.000012. At the time of writing, SHIB is changing hands at $0.00001067.
According to the source, this is where a large quantity of Shiba Inu tokens are presently concentrated. This applies to SHIBs acquired between $0.000011 and $0.000012. These tokens, which total about 117.92 trillion SHIB, are now causing losses for their owners.
On the one hand, a 12% increase in price would liberate 75,000 addresses from losses. On the other hand, these wallets currently contain tokens with a total comparable value of $1.26 billion. It is unclear whether a large-scale sale of Shiba Inu tokens will occur in this scenario.
According to IntoTheBlock, more than half of all SHIB addresses are still lost. Around 200,000 addresses, or 15.5% of the total, are breakeven. Only 31.6% of SHIB addresses, or 402,000 in total, are currently profitable.
When examined closely, the continuous increase or resuscitation in the meme coin’s price has not been fueled by its on-chain indicators. With the burn rate falling by 99% and trade volume falling by 39% in the last 24 hours, the SHIB growth trigger is external and powerful. First, Shiba Inu is capitalizing on the industry’s broader bounce, with Bitcoin progressively recouping its losses with a 1.93% increase.
Shiba Inu likely has the highest sentiment among its contemporaries regarding ecosystem fundamentals. In truth, many traders are waiting for the ideal moments to stack up and go long on the digital token because it is expected that the advent of Shibarium and the deflationary tendencies it will usher in will raise the price of SHIB in the long run.
Read more:
- Binance’s Publicly Disclosed Wallets Hold Large Amounts Of Shiba Inu (SHIB)
- Shiba Inu Army Burns Nearly 1 Billion SHIB Despite Weak Price Performance