The price of Shiba Inu is currently at a crucial crossroads as the majority of SHIB investors reach the break-even point. According to data from IntoTheBlock, there are 13,190 wallets holding 417.43 trillion SHIB tokens, acquired at prices ranging from $0.000017 to $0.000018. It is worth noting that Shiba Inu briefly reached the $0.000018 mark last week, but it quickly dropped due to bearish pressure and is now trading at a low of $0.00001696.
The 417.43 trillion SHIB tokens held at around $0.000017 are significant for several reasons. Firstly, these addresses are at a break-even point, meaning the average holders are neither making a profit nor a loss. Moreover, this price point has the highest concentration of SHIB tokens among all accumulation price thresholds. Interestingly, despite the high volume, there are only 13,000 wallets at this level.
Essentially, the accumulation of 417 trillion SHIB tokens at around $0.000017 marks a crucial turning point for the asset’s short-term trajectory. The next move will have significant implications for investors. In the worst-case scenario, if Shiba Inu falls below the $0.000017 price region, the next support level is at $0.000014. At this point, there are approximately 58,000 wallets holding 94 trillion SHIB tokens at an average price of $0.000016. Given the number of SHIB holders at this price point, a crash to $0.000014 is highly likely. Additionally, SHIB is already dangerously close to losing the $0.000017 support level, especially as Bitcoin has revisited $62,000.
Alternatively, if Shiba Inu gains momentum and surpasses the bears, it could face resistance in the $0.000018 to $0.000019 range, where 18,150 addresses hold 8.18 trillion SHIB tokens. If the bulls manage to overcome this level, there is a larger resistance ahead, with over 114,000 wallets holding 67 trillion SHIB tokens at the $0.000023 region, as investors might look to sell their holdings.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.