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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.
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.
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.
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.
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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