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Shiba Inu Targets $0.00005: Can 106 Trillion SHIB Break Even?

Sat, 18/05/2024 – 15:29

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As Shiba Inu progresses in its journey, the dog-themed cryptocurrency faces a financial frontier: reaching a break-even price of $0.00005.

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This target is not just a number — it represents the collective hope and determination of the Shiba Inu community to see their beloved token rise to new highs. To achieve this break-even point, a staggering 106 trillion SHIB tokens need to align with the price goal of $0.00005.

The Break Even Price indicator from IntoTheBlock provides an aggregate of holders’ realized gains and losses for a particular crypto asset. For addresses that have realized losses, the price would have to increase to the specified price range for these holders to break even on their positions.

IntoTheBlock
Shiba Inu (SHIB) Break Even Price, Courtesy: IntoTheBlock

According to this indicator, 308,180 addresses hold 106.54 trillion SHIB at a loss between $0.000026 and $0.000051, with an average price of $0.000034.

This suggests that over 308,000 Shiba Inu addresses would require SHIB to rise to $0.000051 to break even. Given the current market dynamics, this is no easy task, requiring a confluence of market forces and investor sentiment.

SHIB to $0.00005?

As of now, SHIB’s price hovers around $0.000025, with a market capitalization of $14.59 billion, ranking it 11th among top cryptocurrencies by market value. The move to $0.00005 would represent a substantial increase of over 100%, which raises questions about what might drive such a surge.

In the very short term, Shiba Inu faces a stiff barrier at the daily SMA 50 near $0.000025. A break above this crucial level may be required for SHIB to exit its current trading range and revisit highs at $0.000030 and $0.000032.

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If a breakout above this key barrier fails, Shiba Inu might persist in its current range with support near $0.000018 and $0.00002 for some time.

As eyes are peeled on where Shiba Inu price trends next, the Shiba Inu development team continues to build. ShibaSwap launched on Shibarium this week, allowing users to create new liquidity pools and perform cross-swaps between Ethereum and Shibarium.

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