Key Points:
- Shiba Inu (SHIB) is currently trading at $0.000007, with approximately four trillion SHIB tokens floating around at this price level.
- There are clusters of SHIB holders situated at a +/- 15% price difference from the current level.
- For SHIB to ascend to the $0.00008 mark, it will need to overcome a wall of potential selling pressure due to approximately 15 trillion SHIB tokens currently trading at a loss.
Shiba Inu (SHIB) has emerged as a meme-inspired cryptocurrency that is currently trading at $0.000007.
With approximately four trillion SHIB tokens floating around at this price level, the market’s attention is focused on the asset’s trajectory.
To gain a better perspective on the current Shiba Inu distribution, IntoTheBlock’s “In/Out of the Money” (IOM) indicator can be used. This tool identifies the average cost at which tokens were acquired and compares it with the current price for any address-holding tokens. If the current price is greater than the average cost, the address is considered to be “in the money.” Conversely, if the current price is below the average cost, the address is “out of the money.”
At present, clusters of Shiba Inu holders are situated at a +/- 15% price difference from the current level, representing potential selling pressure or buying power, depending on the price’s movement. However, the journey to the next price threshold of $0.00008 might not be smooth sailing for SHIB. Approximately 15 trillion SHIB tokens are currently trading at a loss, meaning that these tokens were purchased at a higher price than the current level, thereby creating a wall of potential selling pressure. For Shiba Inu to ascend to the $0.00008 mark, it will need to overcome this wall, which would require a significant inflow of buying power.
Despite the challenges, the IOM indicator is a powerful tool for understanding the potential trajectory of Shiba Inu’s price performance. If the price continues to increase, SHIB tokens held “out of the money” may transition to being “in the money,” which could alleviate selling pressure and aid in driving the price up further. Conversely, if the price drops, more tokens may fall “out of the money,” potentially increasing the selling pressure. Therefore, it is essential to monitor the market conditions and the trajectory of SHIB’s price performance to make informed decisions regarding investment opportunities.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Coincu News
Source: https://news.coincu.com/196572-shiba-inus-price-soars-as-only-4-trillion/