SHIB to $0.000045? 58 Trillion Shiba Inu Separates SHIB Price From Next Big Milestone

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Written By Maya Cantina

Sun, 7/04/2024 – 13:59

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In recent days, the Shiba Inu cryptocurrency has surged by 7.4%, reclaiming its position above the $0.000028 mark. This resurgence has reignited optimism within the SHIB community, prompting discussions on the potential for a sustained upward trend.

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However, amid this renewed enthusiasm, a critical question emerges: Can Shiba Inu (SHIB) replicate its March success and ascend to $0.000045? A thorough analysis of on-chain data sheds light on the current market dynamics surrounding the cryptocurrency.

According to data from IntoTheBlock, a substantial 58 trillion SHIB, accounting for 9.84% of the total circulating volume, are concentrated between the current price and the desired $0.000045 per SHIB milestone. This concentration spans across 250,590 wallets, presenting a significant obstacle to Shiba Inu’s upward trajectory.

Source: IntoTheBlock

Further analysis reveals that subsequent price ranges beyond $0.000028 exhibit a notably lower concentration of SHIB, emphasizing the critical importance of overcoming the current barrier for substantial price appreciation.

SHIB to USD by CoinMarketCap

With Shiba Inu now situated between two distinct holder groups — those facing losses and others realizing profits or mitigating negative PnL — a pivotal moment in its journey has emerged.

As speculation heightens and anticipation mounts, the overarching question persists: What does the future hold for Shiba Inu? Whether SHIB can surpass the 58 trillion barrier and advance toward the coveted $0.000045 milestone remains an interesting space to watch.

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