- Shiba Inu struggles to break critical price threshold despite recent increase.
- Substantial sell-off of Shiba Inu reported near critical price point.
- Concentration of SHIB presents challenges for holders.
The Shiba Inu has been experiencing significant fluctuations in the market as it struggles to surpass the critical threshold of $0.0000084 per SHIB. Despite a recent increase of more than 12% in the past few days, each attempt to exceed this level has resulted in a false breakout, leading to subsequent sell-offs.
Reports indicate that a substantial amount of Shiba Inu tokens, specifically 1.453 trillion SHIB, were sold when the price approached this crucial point. It’s important to note that these figures pertain to Binance’s spot market.
Data shows concentration of trillions of Shiba Inu
However, this is just part of the story. According to data from IntoTheBlock, there is a significant concentration of more than 60 trillion tokens between the current price and the $0.00001 per SHIB level. Holders of these coins are currently experiencing losses, with a notable concentration of 26 trillion coins within the $0.000008 to $0.000009 range.
This considerable volume presents a challenging situation. Unless there is a substantial increase in buying power to absorb this extensive supply, it is expected that the price of SHIB will continue to experience downward pressure within this range. Unfortunately, current market conditions suggest that buying power alone may not be sufficient to counterbalance the sell-off of slightly over a trillion tokens.
