Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is wagging its tail with anticipation as it approaches a critical juncture. The meme coin, known for its massive community and playful branding, is on the cusp of breaking through a key resistance level, potentially unleashing a new wave of bullish momentum.

Shiba Inu Hovering Around Profitability Cluster

Currently, SHIB is hovering around the $0.00001 mark, a price point that represents more than just a number. It serves as a crucial “profitability cluster,” where a staggering 1.3 trillion SHIB tokens reside – tokens bought by early investors. This cluster has long been a battleground, with sellers looking to cash out and buyers aiming to push the price higher.

Source: IntoTheBlock

But the tide seems to be turning. Analysts are pointing to a gradual decline in the number of tokens within the profitability cluster, indicating that selling pressure is easing. This, coupled with the shrinking size of the cluster itself, is creating a more fertile ground for SHIB to flourish.

The potential breakout above $0.00001 is not just technical, it’s psychological. Overcoming this hurdle would signal to the market that SHIB has the strength to move beyond its meme coin status and establish itself as a serious player.

SHIBUSD currently trading at $0.00000950 on the daily chart:

And the numbers seem to agree. Data from IntoTheBlock reveals a remarkable surge in large-holder inflow, with whales accumulating a staggering 2.31 trillion SHIB in just two days. This signifies…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed