Shiba Inu Coin (SHIB) is currently under significant pressure, with rumors circulating that 350 trillion SHIB is about to crash. Is it true?
This immensely popular meme-based cryptocurrency is currently facing a tough time in terms of price. In recent weeks, the market has experienced various fluctuations, reshuffles, and substantial liquidations, causing the price of SHIB to drop to $0.000021.
This price level is crucial, serving as both a key support level for SHIB and a focal point for numerous investors. A deeper dive into the on-chain data reveals even more intricacies.
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, worth up to $1.19 billion.
Looking ahead, if it falls to $0.000026, there is a massive amount of Shiba Inu Coin, totaling 894.7 trillion SHIB, worth $1.97 billion, distributed across 119,490 addresses. The key point is that these addresses are currently in the red, unlike the situation when they were purchased at lower prices.
When calculated this way, the potential 'selling pressure' on Shiba Inu Coin is over 355 trillion, which is comparable to the current price. How this imbalance will affect SHIB's price remains an unsolved mystery.
As the year-end approaches, with Christmas and New Year holidays on the horizon, the balance is likely to tip. The several hundred million dollars in sell orders may far exceed the potential buyers' capacity, significantly increasing pressure on SHIB.
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