In a surprising turn of events, the Shiba Inu token has witnessed a sharp rise of 12% in the past week, regaining its position above the $0.00001 mark. The resurgence has sparked excitement within the growing SHIB community, reigniting discussions about the possibility of a sustained bullish trend.
In a surprising turn of events, the Shiba Inu token has witnessed a sharp rise of 12% in the past week, regaining its position above the $0.00001 mark. The resurgence has sparked excitement within the growing SHIB community, reigniting discussions about the possibility of a sustained bullish trend.
However, the fundamental question hanging over SHIB’s future remains: Can the token double in price and rise to $0.00002? To unravel this mystery, a dive into on-chain data provides essential insights into the current market dynamics surrounding Shiba Inu.
According to data from In the blockAccording to the “In/Out of the Money Around Price” indicator, approximately 122.37 trillion SHIB is currently in the price range at 103,420 addresses. These tokens generate marginal profits or maintain a state of equilibrium for their holders. However, the real challenge lies ahead.
A staggering 514.8 trillion SHIB, representing 87.36% of the total volume in circulation, are concentrated between the current price and $0.000019 per SHIB. This considerable volume is spread across 269,860 wallets, creating a formidable barrier to SHIB’s upward trajectory.
Subsequent price ranges above $0.000019 reveal significantly lower SHIB concentration, suggesting that overcoming the current hurdle is crucial for any substantial price appreciation. The Shiba Inu token falls between two large groups of holders: the majority dealing with losses and a smaller faction enjoying the gains or avoiding negative PnL.
The burning question now remains: What lies ahead for the Shiba Inu token?
