Unexpectedly, the Shiba Inu token has had a strong 12% increase over the last week, taking it back beyond the $0.00001 threshold. The rebound has generated excitement in the large SHIB community and rekindled conversations over the potential for a long-term bull market trend.
Still, the crucial issue that hangs over SHIB’s destiny is this: Will the token’s price quadruple and reach $0.00002? Examining the on-chain data offers crucial insights into the present Shiba Inu market dynamics, which are necessary to solve this enigma.
The “In/Out of the Money Around Price” indicator on IntoTheBlock shows that at any given time, 122.37 trillion SHIBs are trading between 103,420 addresses. These tokens are either making their holders break even or producing minor gains. But the true test is still to come.
Between the present price and $0.000019 per SHIB, a startling 514.8 trillion SHIBs, or 87.36% of the entire circulation volume, are concentrated. This considerable amount is spread over 269,860 wallets, posing a significant obstacle to SHIB’s increasing trend.
The price ranges that follow above $0.000019 indicate a much reduced concentration of SHIBs, indicating that passing the present barrier is essential to any meaningful price increase. The Shiba Inu token is positioned between two significant stakeholder groups: a smaller group that is enjoying profits or avoiding negative PnL, and the bulk of holders who are struggling with losses.
Now, the issue remains unanswered: What does the future hold for the Shiba Inu token?
