Shiba Inu (SHIB) faces sell-off worth $1 billion if this happens
The price of Shiba Inu token, SHIB, has seen an uptick in trading today amid a market-wide uptick. At one point in the day, SHIB was up 4.1%, but then it gave up some ground, and now the token is quoted at $0.0000107. If the positive sentiment of market participants persists, Shiba Inu token can be expected to continue its “trek north.”
However, as IntoTheBlock data shows, at some point, this will create unimaginable seller pressure on the SHIB price. That point should be $0.000012 per token.
This is where a huge number of Shiba Inu tokens are now concentrated, according to the source. This refers to SHIBs purchased in the range of $0.000011 to $0.000012. These tokens, which number approximately 117.92 trillion SHIB, are now creating losses for their holders.
Under pressure
It turns out that on the one hand, 12% upward price movement would free 75,000 addresses from losses. On the other hand, these wallets hold tokens with an aggregate equivalent value right now of $1.26 billion. Whether or not a large-scale sale of Shiba Inu tokens will take place in this case is a big question.
In total, according to IntoTheBlock, more than half of all SHIB addresses continue to suffer losses. Almost 200,000 addresses are in breakeven, i.e., 15.5% of the total. Only 31.6% of addresses right now are in profit on SHIB, an aggregate of 402,000.