Shiba Inu’s token price has been fluctuating in the market as it struggles to surpass the crucial level of $0.0000084 per SHIB. Despite a recent increase of over 12% in recent days, every effort to overcome this level has ended in a fake breakout, which has sparked a string of sell-offs in the wake.
When one considers the enormous number of Shiba Inu tokens that were sold in only the previous two days, the seriousness of the problem becomes clear. When the price reached this turning point, according to reports, a staggering 1.453 trillion SHIB tokens were sold off, and that’s only on Binance’s spot market.
However, this is only the very beginning. According to data from IntoTheBlock, there is an astonishing concentration of more than 60 trillion tokens between the present price and the threshold of $0.00001 per SHIB. These tokens, with a significant 26 trillion of them clustered between $0.000008 and $0.000009, are now costing their owners money.
A troubling dilemma is presented by this enormous volume. The price of SHIB is anticipated to continue declining within this range unless the buying power considerably increases to absorb this enormous supply. Unfortunately, the state of the market suggests that purchasing power could not be enough to stop the sale of just over a trillion tokens.
Investors should maintain a careful eye on the market dynamics as the effort to overcome this massive sell wall gets more intense. Concerns about the price trend of the Shiba Inu token are further heightened by the unavailability of purchasing power to balance off selling pressure.
