Shiba Inu finds itself at a critical juncture as a significant number of SHIB investors reach the break-even point. According to data from IntoTheBlock, 13,190 wallets hold a total of 417.43 trillion SHIB tokens, acquired at prices between $0.000017 and $0.000018. The price of Shiba Inu briefly reached $0.000018 last week before falling even lower to $0.00001696.
The accumulation of 417 trillion Shiba Inu tokens at the $0.000017 price level holds immense importance for the short-term trajectory of the asset. These wallets are at a break-even point, meaning the average holder neither gains nor loses. Interestingly, this particular price region has the highest concentration of SHIB tokens, despite having the fewest number of addresses at only 13,000 wallets.
This accumulation represents a crucial turning point for Shiba Inu, with significant implications for investors depending on the next move. If the price falls below $0.000017 and the 417.43 trillion SHIB tokens become out-of-the-money, the next support level is at $0.000014. Approximately 58,000 wallets hold 94 trillion SHIB tokens at an average price of $0.000016. This potential scenario is concerning, as the support level at $0.000014 is not particularly strong, especially considering the number of SHIB holders at this price point. Furthermore, SHIB is precariously close to dipping below $0.000017 as Bitcoin hovers around $62,000.
Alternatively, if Shiba Inu gathers momentum and manages to overcome the bearish pressure, it may face resistance in the $0.000018 to $0.000019 range. Within this range, 18,150 addresses hold 8.18 trillion SHIB tokens. Should the bulls break through this level, an even larger resistance lies ahead, with over 114,000 wallets holding 67 trillion SHIB tokens. In this scenario, investors might be inclined to sell their holdings around the $0.000023 region.
Overall, the current situation for Shiba Inu is delicate, with multiple potential outcomes depending on the movement of the asset in the coming days. Investors will be closely monitoring whether the break-even point can hold or if further price declines are on the horizon.