Shiba Inu (SHIB), the meme-inspired cryptocurrency, has seen a decrease in its price recently. Currently trading at $0.000022, this price level serves as a crucial support for the token and has caught the attention of traders and investors. On-chain data from IntoTheBlock reveals that at this price point, over 362 billion SHIB has been purchased by various types of investors across 270 addresses. Additionally, there have been 54,350 purchases from 54,350 addresses down to $0.000019, amounting to 53.91 trillion SHIB or $1.19 billion.
Looking ahead, there is a significant volume of Shiba Inu tokens worth 89.47 trillion SHIB or $1.97 billion held by 119,490 addresses down to $0.000026. Interestingly, the addresses holding this volume are currently experiencing losses, unlike those who purchased the token at a lower price point. This imbalance in holdings suggests a potential “sell wall” of over 35.5 trillion SHIB around the current price level, raising questions about how it may impact SHIB prices in the near future.
With the end of the year approaching and the holiday season upon us, it is possible that many investors may opt to secure their positions rather than take on additional risks. This could potentially lead to a significant sell-off of Shiba Inu tokens, amounting to hundreds of millions of dollars, surpassing the buying capabilities of potential buyers. As a result, the price of SHIB may face further downward pressure in the coming weeks, as investors adjust their positions and take profits.
In conclusion, the current price levels and on-chain data for Shiba Inu indicate a complex landscape for the cryptocurrency. While some investors are incurring losses at the current price point, others may be looking to capitalize on potential sell-offs. With uncertainties surrounding the market sentiment and the holiday season approaching, the future price trajectory of SHIB remains uncertain. Traders and investors should closely monitor price movements and on-chain data to make informed decisions about their SHIB holdings in the volatile cryptocurrency market.
