The popular meme-inspired cryptocurrency Shiba Inu (SHIB) is not in its best times, or more precisely, we are talking about its price. Due to various reshuffling, wash trading, and massive liquidations in recent weeks, the price of SHIB has fallen to $0.000021.
This is an important price support for Shiba Inu tokens and a point of general interest for traders and investors. However, from the on-chain 'behind-the-scenes' perspective, this level is even more interesting.
According to data from IntoTheBlock, at this price level, various investors have purchased over 362 billion SHIB across 270 addresses. After that, falling to $0.000019, there were 54,350 purchases from 54,350 addresses, worth 53.91 trillion SHIB, which is $1.19 billion.
Source: IntoTheBlock
In front, the large amount of Shiba Inu tokens that dropped to $0.000026 is worth 89.47 trillion SHIB, which is $1.97 billion. This trading volume is currently held by 119,490 addresses. More importantly, these addresses are experiencing losses, which is different from those addresses that purchased tokens at amounts lower than the current price.
Therefore, it can be said that the potential 'sell wall' for Shiba Inu tokens currently exceeds 35.5 trillion SHIB, which is exactly equivalent to the current price.
In the current reality, how this imbalance will affect the SHIB price is an open question.
However, in the context of the year-end, when many people are about to celebrate the New Year and Christmas holidays, we can expect the scales to lean more towards a fixed position, which means that hundreds of millions of dollars in sales may overshadow the Shiba Inu tokens, exceeding the capabilities of potential buyers.