Shiba Inu Price Alert: 417 Trillion SHIB Tokens in Break-Even Zone

Shiba Inu Price Alert: 417 Trillion SHIB Tokens in Break-Even Zone

Shiba Inu (SHIB) now stands at a critical decision point. The reason? The largest concentration of SHIB investors has reached the break-even region.

The Breaking Point

Shiba Inu holding spectrum | IntoTheBlock

According to on-chain analytics platform IntoTheBlock, 13,190 wallets hold 417.43 trillion SHIB tokens. These investors acquired the tokens within the price range of $0.000017 to $0.000018. Last week, SHIB briefly returned to the $0.000018 mark, only to fall further as bearish pressure persisted. Currently, SHIB has briefly dipped to $0.00001696.

The Significance of 417 Trillion SHIB

SHIB Price Action. Source| CoinMarketCap

The 417.43 trillion SHIB tokens held at around $0.000017 represent a crucial threshold for the asset’s price trajectory. First, these addresses are at a break-even point, meaning the average holders are neither in profit nor loss. Secondly, this price point sees the highest concentration of SHIB tokens among all accumulation price thresholds, yet it has the fewest addresses, just 13,000 wallets.

Potential Scenarios

If SHIB falls below the $0.000017 price region, the next support level is at $0.000014. At this point, approximately 58,000 wallets hold 94 trillion SHIB tokens at an average of $0.000016. This support level is not very strong, given the number of SHIB holders at this price point, and SHIB is already dangerously close to breaching $0.000017, especially as Bitcoin has revisited $62,000.

On the other hand, if SHIB gathers momentum and overcomes the bears, it could face resistance in the $0.000018 to $0.000019 range. Here, 18,150 addresses hold 8.18 trillion SHIB tokens. If the bulls overcome this level, a larger resistance awaits just beyond, with over 114,000 wallets holding 67 trillion SHIB tokens at the $0.000023 region.

In conclusion, the 417 trillion Shiba Inu accumulated at around $0.000017 represents a crucial turning point in the asset’s short-term trajectory, with the next move having significant implications for investors.

Read Also: Shiba Inu Burn Rate Jumps 530% in a Day: Could SHIB Prices Follow?

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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