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The price of Shiba Inu (SHIB) is having an incredible day today, climbing almost 10% during the trading session. As the price of the popular meme-inspired cryptocurrency regains key support at $0.000024, all eyes are on the next crucial barrier at $0.00003.
Once seemingly unbreakable, this price level was lost for the Shiba Inu token at the start of the new year.
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However, SHIB’s recent price action gives some sort of indication that this important level will be conquered again. Some may argue that the price of cryptocurrencies is more metaphorical than real, but with on-chain data supporting the tokens’ performance, we gain evidence of what is behind the price.
For example, in the case of SHIB and its price of $0.00003, there is a “roadblock” worth approximately 65.46 trillion tokens. This is exactly the equivalent of $1.58 billion purchased by 203,750 wallets in a range of $0.000024 to $0.00003 per SHIB.
If buyers are able to absorb this potential sale, then the Shiba Inu Token will receive a significant boost in its march towards the coveted price level.
Remember, this volume of SHIB is currently causing losses for its holders, and there are more to come, with a total of 356,120 addresses holding 65.2 trillion SHIB currently experiencing losses. They might start selling.
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The question is whether the purchasing power of the bulls will be sufficient to absorb this liquidity, and whether those who currently have negative PnL on their SHIB will want to offload, at least to the break-even point.