Shiba Inu Coin (SHIB) Faces Massive Selling Pressure, 350 Trillion SHIB Set to Drop?
The popular meme-inspired cryptocurrency Shiba Inu (SHIB) is currently facing challenges, particularly regarding its price. Due to multiple fluctuations and large-scale liquidations over the past few weeks, the price of SHIB has fallen 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 point is even more attractive. According to statistics from IntoTheBlock, investors from 270 addresses have collectively purchased over 362 billion SHIB within this price range. Subsequently, the price dropped to $0.000019, where investors from 54,350 addresses made 54,350 purchases, totaling a value of 539.1 trillion SHIB, approximately $1.19 billion.
Recently, the price of a substantial amount of Shiba Inu tokens has fallen to $0.000026, with a total token value of 894.7 trillion SHIB, roughly $1.97 billion. Currently, these tokens are held by 119,490 addresses. More importantly, these addresses are facing losses, which is different from those 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 token 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 an unsolved mystery. However, with the year-end approaching, many people are about to welcome the New Year and Christmas holidays, we can anticipate that the market will tilt more towards fixed positions, which means that hundreds of millions of dollars in selling pressure may loom over the Shiba Inu token, exceeding the capacity of potential buyers.
