88.9 Trillion Shiba Inu (SHIB) Sell Wall Spotted, Is This Bad?

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Shiba Inu (SHIB) is at an inflection point, a trend that aligns with the broader altcoin ecosystem, most of which are paring off the gains accrued recently. For Shiba Inu, the 24-hour price comes in at $0.00001859 amid a marginal loss worth 0.38%. In all of these losses, there is sheer confidence that the meme coin might stay resilient in the short-to-mid term.

Real Shiba Inu sell wall

According to data from crypto analytics platform IntoTheBlock, Shiba Inu has formed a major sell wall or resistance level in the $0.00002 to $0.000024 price range. 

At this price point, 88.98 trillion SHIB were acquired at an average price of $0.000022. Based on the current price of the meme coin, it has yet to trade above this price level in mid-June. Based on the technical trends around sell walls, if SHIB hits this price point, many HODLers might sell off their tokens.

However, the trend around Shiba Inu hinted that it might take a while before it retests this price wall and, as such, the sell wall. This means that the token is safe irrespective of the current outlook in SHIB’s price, as no massive sell-off can occur, barring a black swan event.

Shiba Inu safeguards

Shiba Inu has some positive safeguards that can help it weather crucial market storms. Sometimes, SHIB prints a diverging correlation from the price of BTC. While this is mostly unfavorable, it can help the token chart its growth course when members of its community are hyped about an ecosystem update or product.

Shibarium, the protocol’s Layer-2 scaling solution, is always evolving. Recent changes hinged on enhancing the non-fungible token (NFT) have showcased how its application cuts across different products.

Overall, the adoption of this product will boost the embrace or adoption of SHIB, which can help prevent damning sell-offs in the long term.