Is 274 Trillion Shiba Inu (SHIB) Enough? Price Makes Crucial Turn
2024-11-01

Recently, the price of Shiba Inu hit a critical point on the chart at $0.000017, which is just above a crucial support level created by a group of moving averages and a large on-chain cluster of 274 trillion SHIB at the breakeven price level. SHIB appears to be at a turning point; according to the daily chart, any additional decline could send the asset into bearish territory.
Even though Bitcoin has been strong lately, SHIB has only recently shown modest upward momentum, suggesting that investors are hesitant. The on-chain data analysis shows some conflicting results. Just 2% of SHIB's total holders are new, indicating that the majority of investors have held for more than a year. In addition to reflecting a lack of new buying pressure, which usually propels price spikes, this holder composition may indicate loyalty among SHIB investors. SHIBUSDT Chart by TradingView">
Data also indicates that roughly 53% of SHIB holders are profitable, compared to 43% who are losing money. This suggests that the recent price levels of SHIB are offering few opportunities for profit. Regarding concentration, 73% of the token's total supply is held by large holders, or wallets with sizable SHIB holdings. Because a small number of wallets have a significant impact on price action, this level of concentration frequently raises concerns about possible selling pressure. 
Furthermore, recent on-chain data shows that there were $404 million transactions over $100,000 in the previous week, indicating a significant amount of activity but not necessarily buying demand. The levels of $0.000019 and $0.000024 are important resistance levels to keep an eye on, as different addresses hold 274 trillion SHIB. A break above these levels might indicate bullish continuation, but if the $0.000017 support level is not held, lower thresholds may be tested, making $0.000010 a potential downside target.