Shiba Inu At Critical Decision Point as 417 Trillion SHIB Tokens Hit Break-Even

The price of Shiba Inu is now at a critical decision point as the largest concentration of the SHIB investors slides into the break-even region.

Data from the on-chain analytics platform IntoTheBlock shows that 13,190 wallets hold 417.43 trillion SHIB tokens, acquired within the price band of $0.000017 to $0.000018.

Notably, Shiba Inu returned to the $0.000018 price point last week for the first time since February, only to fall further as bearish pressure persisted. Currently, SHIB has briefly hit a low of $0.00001696.

417 Trillion Shiba Inu at Critical Decision Point

The 417.43 trillion Shiba Inu tokens held at approximately $0.000017 mark a crucial threshold for the asset’s price trajectory for multiple reasons. First, these addresses are at a break-even point, with average holders neither in profit nor loss.

Additionally, this price point sees the highest concentration of SHIB tokens among all accumulation price thresholds. Interestingly, despite this region featuring the highest volume, it sees the fewest addresses, sitting at 13K wallets.

Shiba Inu holding spectrum | IntoTheBlock

Essentially, the 417 trillion Shiba Inu accumulated at around $0.000017 represents a crucial turning point in the asset’s short-term trajectory, with the next move having significant implications for investors.

Worst Case Scenario

If Shiba Inu falls below the $0.000017 price region and the 417.43 trillion SHIB tokens go out of the money, the next support level is at $0.000014. At this point, approximately 58,000 wallets hold 94 trillion SHIB tokens at an average of $0.000016.

Notably, a Shiba Inu crash to $0.000014 is close to playing out as this support level is not very strong, given the number of SHIB holders at this price point. Moreover, SHIB is already dangerously close to finally giving up $0.000017, especially as Bitcoin has revisited $62K.

Other Possible Scenarios

On the other hand, if Shiba Inu gathers momentum and temporarily overcomes the bears, it could face resistance in the $0.000018 to $0.000019 range, where 18,150 addresses hold 8.18 trillion SHIB tokens.

If the bulls overcome this level, a larger resistance awaits just beyond, with over 114,000 wallets holding 67 trillion SHIB tokens, as investors might seek to sell their holdings at the $0.000023 region.

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