The $0.000026 level is a key sell point for Shiba Inu, with 64,320 addresses holding 69.74 trillion SHIB likely to sell at this price. The SHIB price has broken through its major support level.
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As the broader cryptocurrency market faces a correction, meme coins like Shiba Inu and other altcoins are under strong selling pressure. In the last 24 hours, the price of Shiba Inu (SHIB) has dropped by 5.4% to $0.00002404, bringing its market cap to $14.17 billion. Additionally, daily trading volumes have soared by 100%, exceeding $840 million.
Whale Accumulation of Shiba Inu Remains Strong Amid Market Correction
Although the broader market correction has put some selling pressure on Shiba Inu, whale accumulation has remained strong throughout. According to a recent update by Lookonchain, nine wallets, including two belonging to whales, collectively pooled $35.2 million to acquire an impressive 1.35 trillion Shiba Inu tokens.
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The update also noted that four of the investors used portions of their Ethereum portfolios to purchase Shiba Inu tokens. Their entry points varied, with some buying SHIB at a low of $0.00002557 and others at a peak of $0.00002620. The average purchase price, however, settled at $0.00002596.
In a prior update, Lookonchain reported on the activity of a notable Shiba Inu whale who invested $18.44 million in SHIB. On June 5, this whale exchanged 4,849 ETH tokens to acquire 715.9 billion Shiba Inu tokens.
$0.000026 Threshold: A Major Sell Wall for Shiba Inu
According to data from IntoTheBlock, the $0.000026 threshold represents a significant sell wall that impedes Shiba Inu’s rise. At this level, 64,320 addresses collectively acquired 69.74 trillion SHIB tokens at an average price of $0.000026. Whenever Shiba Inu approaches this price, these addresses tend to sell off their holdings, increasing selling pressure.
Also Read: Three Ways Shiba Inu Could Reach Above $0.0001
Courtesy: IntoTheBlock
This heightened selling pressure often leads to a price correction, as seen in the latest market movement. As a result, SHIB has retraced most of the gains from its recent rally and fallen below the $0.000026 level.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
