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Shiba Inu at crunch time as 417 trillion SHIB tokens break even
The price of the Shiba Inu is now at a critical decision point as the largest concentration of SHIB investors slides into the breakeven region.
Data from on-chain analytics platform IntoTheBlock Shows that 13,190 wallets contain 417.43 trillion SHIB tokens, purchased in the price range of $0.000017 to $0.000018.
In particular, Shiba Inu is back priced at $0.000018 last week for the first time since February, only to drop further as bearish pressure persisted. Currently, SHIB briefly touched a low of $0.00001696.
417 trillion Shiba Inu at decision tipping point
The 417.43 trillion Shiba Inu tokens held at approximately $0.000017 mark a crucial threshold for the asset’s price trajectory for multiple reasons. First, these addresses are at a break-even point, with average holders neither in profit nor in loss.
Additionally, this price sees the highest concentration of SHIB tokens among all accumulation price thresholds. Interestingly, while this region has the highest volume, it sees the fewest addresses, with wallets of 13,000.
In essence, the 417 thousand billion Shiba Inu accumulated at around $0.000017 represents a crucial turning point in the asset’s near-term trajectory, with the next move having significant implications for investors.
In the worst case scenario
If Shiba Inu falls below the $0.000017 price region and the 417.43 trillion SHIB tokens go out of money, the next support level would be at $0.000014. At this point, approximately 58,000 wallets hold 94 trillion SHIB tokens at an average of $0.000016.
In particular, a Shiba Inu The collapse to $0.000014 is close to happening as this support level is not very strong given the number of SHIB holders at this price. Furthermore, SHIB is already dangerously close to finally giving up $0.000017, especially as Bitcoin has revisited $62,000.
Other possible scenarios
On the other hand, if Shiba Inu gains momentum and temporarily surpasses the bears, it may face resistance in the $0.000018 to $0.000019 range, where 18,150 addresses hold 8.18 trillion SHIB tokens.
If the bulls break above this level, broader resistance awaits just beyond, with over 114,000 wallets holding 67 trillion SHIB tokens, as investors may look to sell their holdings in the $0.000023 region.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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