Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, recently surged by 17.82%, marking a multi-month high at $0.0000199. Despite this significant rally, SHIB faces a critical hurdle as it nears the $0.00002 price level. According to recent data from blockchain analytics firm IntoTheBlock, approximately 11.5 trillion SHIB tokens are concentrated in a specific price range, potentially slowing down further price gains.
Massive Roadblock of 11.5 Trillion SHIB Tokens
The 11.5 trillion SHIB volume is held in roughly 15,800 wallets that bought SHIB between its current price and $0.00002. With SHIB’s price near this level, these holders face losses, having bought at or above the current price.
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This scenario creates significant selling pressure as these holders may choose to offload their tokens rather than risk further losses. The 11.5 trillion SHIB tokens amount to an estimated value of $215.74 million at present prices.
Source: IntoTheBlock
This represents around one-third of SHIB’s current trading volume in the spot market. The significant sell pressure may challenge SHIB as it tries to break resistance and sustain its momentum.
Possibility of Breaking Through
For SHIB’s price to continue its upward trend, it must absorb or overcome the selling pressure generated by the 11.5 trillion SHIB currently held at a loss.
SHIB to USD by CoinMarketCap
Should bullish sentiment remain strong and absorb this volume, SHIB traders and enthusiasts could see SHIB achieve a higher price point, potentially surpassing $0.00002.
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The current price level serves as a major test for SHIB’s resilience. As investors watch closely, the market’s ability to handle this sell pressure will be pivotal in determining whether SHIB can sustain its recent rally or face a pullback.
How market participants react to this resistance zone will provide valuable insight into SHIB’s price trajectory and whether it can continue its upward momentum in the near future.
