Shiba

Shiba Inu

Trillion

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
In a roller coaster of events today, the&nbsp;<a href="https://u.today/shiba-inu-breaks-multimonth-record-in-363-on-chain-boost-amid-shib-price-surge">Shiba Inu token</a>, SHIB, experienced a momentous milestone as its price briefly kissed the $0.00001 mark, marking the erasure of a zero from its value.
This psychological threshold has long been anticipated by the SHIB community, reflecting both hope and skepticism within the crypto space. However, the celebration was short-lived, as 15 minutes later, the token retraced its steps, adding a zero back to its price figure.
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="6b531c2e-e94b-43e4-942f-9be6e91e927c" src="https://u.today/sites/default/files/inline-images/SHIB_1D_graph_coinmarketcap%20%281%29_0.jpeg">SHIB to USD by <a href="https://coinmarketcap.com/currencies/shiba-inu/">CoinMarketCap</a>
Amid this price volatility, data from the&nbsp;<a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all">IntoTheBlock</a> portal revealed a staggering revelation - a colossal 129.4 trillion SHIB tokens are concentrated within the price range of $0.00001 to $0.000011. Held in 92,330 wallets, this accounts for about 20% of the circulating supply of the token.&nbsp;
Remarkably, this massive volume has been consistently unprofitable for its holders, prompting swift sell-offs whenever&nbsp;<a href="https://u.today/shiba-inu-shib-announces-enormous-giveaway-party-heres-date">SHIB</a> approaches these values.
<img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="1bc9efd0-5ade-4b8f-8cfe-e846d9076965" src="https://u.today/sites/default/files/inline-images/shshshhshshshs.png">Source: <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all">IntoTheBlock</a>
The pressing question now looms over SHIB's fate: will the token be able to sustain itself at these price levels? The concentration of tokens at this range, previously unprofitable for holders, adds an element of uncertainty.&nbsp;
The fear is that if this substantial volume continues to be offloaded, it may trigger further selling among those who have already profited from the&nbsp;<a href="https://u.today/shiba-inu-breaks-multimonth-record-in-363-on-chain-boost-amid-shib-price-surge">Shiba Inu</a> token.
In the midst of this complex scenario, SHIB finds itself at a precarious crossroads, facing pressure from all sides. The erasure of a zero brought momentary excitement, but the subsequent price retracement and the looming threat of mass sell-offs have cast a shadow on the token's immediate future.&nbsp;

SHIB Price Erases Zero, But There's a Catch Worth 129 Trillion Shiba Inu Tokens

U_Today

Other articles published on Dec 8, 2023

Liz Warren Claims North Korea Funds Half Of Its Nuclear Weapons Program With Crypto – Is It True?

Crypto Crystal Ball: VanEck Unveils Bold Predictions for 2024

Crypto Market Outlook : Insights on Ethereum, Avalanche, Chainlink, and Solana

BREAKING: US Non-Farm Payrolls Data Released – Bitcoin Reacts

Experts explain why two ETF industry giants are sitting out Bitcoin-ETF race

Shiba Inu Investor Turns $8,000 to $5.7 Billion, Here's How

Join our free newsletter for daily crypto updates!