With the recent price drop in cryptocurrency, Shiba Inu has faced significant selling pressure. Over the past week, SHIB has declined approximately 6.59%, reflecting the overall unstable situation in the digital asset market.
Price Reversal After Recent Highs
The decline in SHIB’s price marks a clear shift from the previously observed bullish momentum. On May 12, Shiba Inu reached a local high of $0.00001764, but it then retraced due to a general market cooldown. Since May 11, the asset has closed in the red on five out of the past six trading days, indicating sustained selling activity and weakened upward momentum.
Token Concentration in a Narrow Price Range
According to blockchain analytics firm IntoTheBlock, approximately 25.74 trillion SHIB tokens are held by 34,170 addresses within the narrow price band between $0.000014 and $0.000015. This concentration of holdings keeps the market on edge, as it represents a significant accumulation that could influence SHIB’s short-term price direction.
Implications for Investors Holding SHIB
The large volume of SHIB held within the $0.000014 to $0.000015 range could lead to pivotal outcomes depending on market evolution in the coming days. Investors holding within this zone may be near break-even or dealing with unrealized losses. This opens the possibility for these holders to exit positions and minimize risk, potentially introducing further downward pressure on price. Conversely, if these addresses opt to maintain their positions in anticipation of market recovery, this zone could act as a support level and provide temporary price stability.
The cryptocurrency market continues to navigate a period of uncertainty, with Shiba Inu positioned at a critical price juncture. The concentration of 25.74 trillion SHIB in a narrow band highlights the importance of this level as both a psychological threshold and a potential support area.
