Shiba Inu’s price has dropped to $0.000022, a significant price point that serves as crucial support for the token. However, this level is more intriguing from an on-chain perspective, revealing insights into investors’ behavior.
According to data, over 362 billion SHIB were purchased at $0.000022 by 270 addresses, while 54,350 purchases worth 53.91 trillion SHIB ($1.19 billion) occurred between $0.000019 and $0.000026. The latter is a substantial volume held by 119,490 addresses, which are experiencing losses.
The presence of a potential “sell wall” at over 35.5 trillion SHIB raises concerns about the token’s future price movement. As year-end approaches, traders may be forced to settle positions, potentially leading to a large-scale sale of hundreds of millions of dollars in Shiba Inu tokens, which could impact buyer demand and further depress prices.
Source: https://u.today/shiba-inu-shib-eyes-epic-35-trillion-shib-bearish-imbalance