Shiba Inu (SHIB) is truly in a challenging position as it grapples with substantial supply walls while trying to reclaim its early December highs. With the broader crypto market currently in a bearish phase, many cryptocurrencies, including SHIB, are feeling the weight of declining prices. Did you know Shiba Inu has dropped by more than 37% from its peak in early December? Let’s dive deeper into what’s happening with SHIB.
Understanding Shiba Inu’s Current Market Position:
Despite the overarching bearish trend, Shiba Inu has managed to stay afloat above the crucial $0.00002 mark. However, its attempts to venture higher have been met with fierce resistance. The cryptocurrency faced significant selling pressure when it tried to overcome $0.000025 on Christmas Day, resulting in an unfortunate pullback.
A Closer Look at SHIB’s Supply Walls
As the crypto market seems to favor sellers, data from IntoTheBlock reveals notable supply walls that SHIB must contend with before realizing any significant uptick in price.
Here’s a brief overview of the two primary supply walls hampering Shiba Inu’s progress:
- Smaller Supply Wall:
- Price Range: $0.000023 – $0.000024
- Addresses Involved: Approximately 42,310
- Tokens Held: 60.44 trillion SHIB
This smaller barrier has already presented itself as a hurdle for SHIB, especially when it attempted to solidify a breach above $0.000024 on Christmas. The result? An unexpected drop of over 8% the following day.
- Largest Supply Wall:
- Price Range: $0.000024 – $0.000030
- Addresses Involved: About 208,010
- Tokens Held: 70.35 trillion SHIB
This supply wall represents SHIB’s most formidable challenge. After reaching a six-month high of $0.00003343 on December 8, SHIB collided with this massive wall. The immediate aftermath led to a 15.30% decline — the largest intraday drop since the tumultuous days following the Terra collapse in May 2022.
Why Does It Matter?
You might be wondering, why should I care about these supply walls? Well, they are crucial indicators of price behavior and resistance in the cryptocurrency marketplace. Essentially, they signify where the appetite (or lack thereof) for buying SHIB lies, impacting the possibility of recovery or further declines.
The Bears Are Still in Charge
In the two days leading up to December 30, the dominance of the bears became even more apparent. Data shows upwards of 92.7 billion tokens were sold by large whales on December 29 alone, with that number climbing to 133.98 billion the next day. Clearly, the selling pressure remains strong, keeping Shiba Inu in a tricky spot.
What’s Next for Shiba Inu?
Currently, the price of SHIB stands at $0.000021066, which is down 0.26% this morning. If you take a step back and look at the broader picture, the meme coin has taken a hit of 21.19% for December, following an impressive 49.47% surge last month, buoyed by unexpected political developments.
While some market analysts have projected optimistic targets for Shiba Inu—suggesting that a recovery could see prices reach up to $0.000045—those possibilities seem bleak without a substantial and sustained break above the $0.00003 threshold.
Key Takeaway Tables
To wrap up our insights, here are some key takeaways illustrated in table format for clarity:
| Aspect | Details |
|---|---|
| Current Price | $0.000021066 |
| Early December Peak | $0.00003343 |
| Recent Decline | Over 37% since early December |
| First Supply Wall Range | $0.000023 – $0.000024; 42,310 Addresses; 60.44 trillion tokens |
| Second Supply Wall Range | $0.000024 – $0.000030; 208,010 Addresses; 70.35 trillion tokens |
| Recent Whale Activity | 92.7 billion sold on December 29; 133.98 billion sold on December 30 |
Conclusion: Eyes on the Market
In summary, while Shiba Inu tries to navigate a precarious situation filled with significant resistance levels, it remains crucial for potential investors and holders to stay well-informed. Understanding where the selling pressure lies and monitoring market trends will be instrumental in making informed decisions.
With the crypto landscape changing rapidly, what’s your take on Shiba Inu’s chances of a rebound? Are you confident in its potential, or do you think it’s bound to remain trapped within these supply walls?
Engage with us in the comments below and let’s discuss the future of SHIB together!
