The popular meme-inspired cryptocurrency Shiba Inu (SHIB) is not having the best of times, or rather we are talking about its price. As a result of various shakeouts, shakeouts and huge liquidations in recent weeks, the price of SHIB has landed at $0.000022.
This is an important price support for the Shiba Inu token and is generally a point of interest for traders and investors. However, this level is even more interesting from an on-chain “behind the scenes” perspective.
According to data from IntoTheBlock, at this price point various types of investors have purchased just over 362 billion SHIB at 270 addresses. Behind that, down to $0.000019, there were 54,350 purchases from 54,350 addresses worth 53.91 trillion SHIB, or $1.19 billion.
Up ahead, down to $0.000026, is a large volume of Shiba Inu tokens worth 89.47 trillion SHIB, or $1.97 billion. This volume is currently held by 119,490 addresses. And what is more important, these addresses are experiencing losses, unlike those who bought the token for an amount lower than the current one.
So it can be said that the potential “sell wall” for the Shiba Inu token right now is over 35.5 trillion SHIB and that is just around the current price.
How this imbalance will affect SHIB prices in the current reality is an open question.
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However, in the conditions of the end of the year, when many people have New Year’s and Christmas holidays on the horizon, we can expect the scales to tilt more toward fixing positions where they are now, which means that a sale of hundreds of millions of dollars is potentially looming over the Shiba Inu token, beyond the capabilities of potential buyers.