Shiba Inu Coin (SHIB) is currently under immense pressure, with rumors circulating that 350 trillion SHIB is set to plummet. Is it true?

This highly popular cryptocurrency, born from a meme, is currently facing a tough time in terms of price. In recent weeks, the market has experienced various fluctuations, reshuffles, and significant liquidations, causing the SHIB price to drop to $0.000021.

This price level is no joke; it serves as a critical support level for SHIB and is a point of focus for many investors. A deeper dive into on-chain data reveals more intriguing details.

According to IntoTheBlock data, at this price level, various investors have accumulated over 362 billion SHIB through 270 addresses. If it drops to $0.000019, 54,350 addresses would make 54,350 purchases, involving 539.1 trillion SHIB, valued at as much as $1.19 billion.

Looking ahead, if it drops to $0.000026, there is a massive amount of Shiba Inu coins, a staggering 894.7 trillion SHIB, valued at $1.97 billion, spread across 119,490 addresses. The key point is that these addresses are currently all at a loss, which is a stark contrast to the situation of buying at low prices.

Considering this, the current potential 'selling pressure' on Shiba Inu Coin exceeds 355 trillion, which is comparable to the current price. How this imbalance will impact the SHIB price remains an unsolved mystery.

As we approach the end of the year, with Christmas and New Year holidays on the horizon, the scales are likely to tip. Hundreds of millions in sell orders may far exceed the potential buying power of investors, significantly increasing pressure on SHIB.

Recently, the Elon Musk-themed project 𝑝𝑢𝑝𝑝𝑖𝑒𝑠 on the Ethereum chain has gained immense popularity, similar to previous shib concepts, with a novel idea. If investors are interested, it might be worth keeping an eye on as it could lead to discovering the next potential coin.