One of the most talked-about cryptocurrencies, the Shiba Inu coin, faces a serious challenge since it may have surpassed a local price cap. According to on-chain statistics made public by the cryptocurrency analytics blog IntoTheBlock, the token’s price, which is staggeringly at 8.54 trillion SHIB right now, has reached breakeven.
But a massive amount of 48 trillion SHIB tokens are clustered immediately below, priced between $0,000008 and $0.000009 per token.
The Shiba Inu token’s status seems to be getting more and more hazardous. Investors holding this substantial volume, on the other hand, would find it difficult to withstand more losses and might be tempted to sell when the price is still relatively near to their buy levels. On the other side, if the price of SHIB increases, it may motivate these token holders to sell their losing investments in order to at least break even, which might result in selling pressure.
The dangers related to the current enormous influx of SHIB tokens into circulation are objectively higher, which may preclude or at least delay any meaningful price increases for the cryptocurrency.
On the Shiba Inu price chart, which has shown a narrow trading range with a small 1% spread for the last nine days, the fight for supremacy can be seen. This suggests a heated exchange between buyers and sellers since the token’s future course is in doubt.
