Shiba Inu Coin (SHIB) Faces Huge Selling Pressure, 350 Trillion SHIB About to Drop?
The popular meme-inspired cryptocurrency Shiba Inu (SHIB) is currently facing challenges, especially regarding its price. Due to multiple fluctuations and large-scale liquidations in recent weeks, the price of SHIB has dropped to $0.000021. This price level is a significant support point for the Shiba Inu token, attracting the attention of many traders and investors.
However, from an on-chain data perspective, this price level is even more attractive. According to statistics from IntoTheBlock, within this price range, 270 addresses' investors have collectively purchased over 362 billion SHIB. Subsequently, the price fell to $0.000019, with investors from 54,350 addresses making 54,350 purchases, totaling a value of 53.91 trillion SHIB, which is approximately $1.19 billion.
Recently, the price of a large number of Shiba Inu tokens dropped to $0.000026, involving a total token value of 89.47 trillion SHIB, approximately $1.97 billion. Currently, these tokens are held by 119,490 addresses. More importantly, these addresses are facing losses, which is different from those addresses that purchased tokens at prices lower than the current price.
Therefore, it can be considered that the potential 'sell wall' for the current Shiba Inu tokens exceeds 355 trillion SHIB, aligning perfectly with the current price. How this imbalance will affect the price of SHIB in the current market environment remains a mystery. However, as the end of the year approaches, many people are about to welcome the New Year and Christmas holidays, we can foresee that the market will lean more towards fixed positions, which means that billions of dollars in selling pressure may loom over the Shiba Inu token, exceeding the capacity of potential buyers.
