The well-known meme-inspired cryptocurrency Shiba Inu (SHIB) recently experienced a 17.82% price surge, hitting a multi-month high of $0.0000199. Yet as SHIB nears the significant $0.00002 level, it encounters a formidable challenge. According to analytics from IntoTheBlock, SHIB’s upward movement faces resistance from a large "blockade" of approximately 11.5 trillion SHIB tokens. These tokens are held across 15,800 wallets that acquired SHIB within the current price range up to $0.00002.
Currently, holders of these tokens are seeing losses, which could add considerable selling pressure to the market, with these holdings valued at around $215.74 million at present prices. This volume represents nearly a third of SHIB's spot market trading volume.
If SHIB’s price can overcome this hurdle, absorbing the sell-off pressure, and if bullish trends persist, it may achieve a new milestone.
Ultimately, Shiba Inu faces a pivotal moment as it strives to break through this 11.5 trillion SHIB resistance. Whether SHIB maintains its current momentum is uncertain, but this is a critical level for investors and market watchers. How the market manages this selling pressure will offer valuable insights into Shiba Inu’s potential price direction.
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