25.74 Trillion Shiba Inu Stuck, As SHIB Trapped In Uncertainty Amid Market Downturn

The cryptocurrency market is witnessing a significant downturn, with Shiba Inu SHIB/USD being notably impacted.

As per a report, the market has seen liquidations worth $298 million in cryptocurrencies, with Shiba Inu’s value declining by 5.81%.

The downturn for Shiba Inu commenced at the start of the week, with a promising price surge abruptly halted on May 12 due to a slump in the wider cryptocurrency market. Since May 11, SHIB has recorded losses on five out of six days as investors cashed in during rallies.

Data from IntoTheBlock reveals that a staggering 25.74 trillion SHIB are presently held by 34,170 addresses within the narrow price bracket of $0.000014 and $0.000015, where SHIB is currently trading. This suggests that a significant portion of SHIB is held at a critical level.

The prevailing market conditions imply that the 25.74 trillion SHIB held within this range could be “stuck,” as the holders might be either breaking even or incurring losses, waiting for market trends to dictate their subsequent actions.

Also Read: Shiba Inu’s Shibarium Is Booming — Here’s What’s Driving the 54% Transaction Surge

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This consolidation zone could potentially serve as a support level if holders within this range opt to hold onto their assets in anticipation of a price recovery.

With SHIB clinging to the lower end of the $0.000014 to $0.000015 range, the focus is now on whether it can bounce back or break. As it stands, the dog-themed coin, along with trillions of tokens, is trapped in a state of uncertainty.

The current situation of Shiba Inu highlights the volatility and unpredictability inherent in the cryptocurrency market. The significant amount of SHIB held at a decisive level underscores the uncertainty faced by investors.

The future of SHIB and similar cryptocurrencies will largely depend on market trends and investor sentiment, making it crucial for investors to closely monitor these factors.

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