- Shiba Inu (SHIB) briefly touched $0.00001, eliminating a zero from its value.
- Within 15 minutes, the token retraced, adding the zero back to its price.
- IntoTheBlock data reveals 129.4 trillion SHIB tokens concentrated in the $0.00001 to $0.000011 range.
Shiba Inu recently reached a significant milestone, touching the elusive $0.00001 mark, symbolizing the removal of a zero from its value.
The brief celebration, however, proved fleeting, lasting a mere 15 minutes before SHIB retraced its steps, promptly adding the zero back to its price figure. However, SHIB has surged again to delete a zero from its price.
Trillions of Shiba Inu concentrated
Amidst this price volatility, data from the IntoTheBlock portal revealed a staggering revelation – a whopping 129.4 trillion SHIB are concentrated within the narrow price range of $0.00001 to $0.000011.
Spread across 92,330 wallets, this concentration represents approximately 20% of the circulating supply of SHIB. Notably, this massive volume has consistently translated into unprofitable outcomes for its holders, triggering rapid sell-offs whenever SHIB approaches these values.
The prevailing question now revolves around SHIB’s ability to sustain itself at these price levels. The concentration of tokens within this historically unprofitable range introduces an element of uncertainty. Concerns linger that continued offloading of this substantial volume may induce further selling among those who have previously profited from the Shiba Inu token.
In the midst of this intricate scenario, SHIB stands at a precarious crossroads, navigating pressure from all directions. While the momentary erasure of a zero brought excitement, the subsequent retracement and the looming threat of mass sell-offs cast a shadow on the immediate future of the token.
The SHIB community and cryptocurrency enthusiasts at large watch with bated breath as the token weathers the storm of market dynamics.
