Shiba Inu

Trillion

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
Shiba Inu (SHIB)&nbsp; is currently in a state of low volatility. As of the latest data, <a href="https://u.today/shibarium-basic-design-explained-by-shib-team-member-details" rel="noopener noreferrer nofollow">SHIB</a> is trading at $0.00000813, and it has been hovering around this level for the past seven days. This lack of price movement may be a precursor to a significant shift, and one key metric, global in/out of the money (GIOM) by <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">IntoTheBlock</a>,&nbsp;could provide some insights. 
The GIOM metric identifies the average cost at which tokens were purchased for any address with a balance. If the current price is greater than the average cost, the address is "in the money"; if less, it is "out of the money." According to this metric, only 76 trillion SHIB tokens are left for the price to move forward. This suggests that a large portion of SHIB holders are currently "in the money," which could act as a resistance level for the cryptocurrency. 
<img alt="ITB Chart" data-entity-type="file" data-entity-uuid="636f0df1-560e-4283-adff-6f1ee3a77d27" src="https://u.today/sites/default/files/inline-images/27082.png">Source: <a href="https://app.intotheblock.com/" rel="noopener noreferrer nofollow">IntoTheBlock</a> 
From a technical standpoint, the low volatility in SHIB's price could be a double-edged sword. On the one hand, it indicates a lack of buying pressure, but on the other, it means that less liquidity is needed for the price to move upward. This could be advantageous if a sudden surge in buying power occurs, as it would require less capital to push the price higher. 
Moreover, the upcoming developments in the <a href="https://u.today/shiba-inu-shib-unexpected-drop-can-actually-save-it" rel="noopener noreferrer nofollow">Shiba Inu</a> ecosystem, such as the relaunch of Shibarium, could act as catalysts for price movement. Despite initial hiccups, like more than 1,000 ETH being stuck in the bridge, the relaunch could influence market sentiment and potentially drive the price up. 
While the current low volatility and the GIOM metric indicate a resistance level for SHIB, they also present an opportunity. A sudden influx of buying power could easily push the price higher due to the low liquidity needed.

Only 76 Trillion SHIB Left For Shiba Inu's Price to Move Forward

U_Today

Other articles published on Aug 27, 2023

Pepe Coin Scandal Shakes the Market: But PEPE is Still Trending

Pasca Skandal Pepe Coin, Tim PEPE Akan Membuat Akun Telegram Baru

Friend.tech: New Social Trading App Enticed 12,000 Users till Date

Asia's weekly TOP10 crypto news (Aug 21 to Aug 27)

“DBS BetterWorld” by Singapore’s Chief Bank to Cut Food Waste

SAGE Labs: First Ever Web3 Gaming Space in the Star Atlas

Join our free newsletter for daily crypto updates!