Shiba Inu’s price has hit a standstill as bullish efforts to push SHIB above $0.00001 face repeated resistance. Despite ongoing consolidation below this threshold, SHIB remains unable to breach it.
Presently, the coin trades at $0.000009, showing a marginal 0.46% increase in the past 24 hours. With a market capitalization of $5.3 billion, SHIB holds the 18th position among the leading cryptocurrencies.
Shiba Inu’s Potential Breakthrough and the Impending Sell Wall
As bulls strategize their next move, Shiba Inu encounters a significant obstacle that could unlock substantial gains if overcome. Surmounting this hurdle could potentially trigger a surge of 150% to 200%, propelling SHIB to $0.000027 from its current price of $0.000009024.
IntoTheBlock’s analysis reveals a formidable sell wall at the $0.000009 and $0.000027 levels. Here, a staggering 635.38 trillion SHIB were purchased by 457,771 addresses at an average price of $0.000015.
This scenario suggests that for over 457,000 Shiba Inu addresses to break even, SHIB would need to rally to these specified price ranges.
Shiba Inu Transaction Activity Surges: Insights from IntoTheBlock
Recent data from IntoTheBlock reveals a notable increase in Shiba Inu’s transaction volume, a key metric reflecting the number of transactions conducted with the cryptocurrency within a day.
On January 25, Shiba Inu recorded 3,200 transactions, marking a notable uptick to 3,380 transactions on January 26.
The number of transactions serves as a gauge of the utility derived from a cryptocurrency. While typically correlating with price movements, any disparity between transaction volume and price suggests a shift towards more practical and non-speculative usage of the digital asset. Additionally, Shiba Inu’s 24-hour transaction volume amounted to 3.4 trillion SHIB tokens.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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