According to U.Today, the price of meme coin, Shiba Inu could potentially double upon surpassing the significant threshold of 110 trillion SHIB tokens.
According to the breakeven price indicator from IntoTheBlock, 110.27 trillion SHIB were purchased by 327,200 Shiba Inu addresses at an average price of $0.000034, closely in line with the current price range. This suggests that more than 327,000 addresses would need SHIB to reach $0.00005 in order to break even.
While the 110 trillion SHIB tokens pose a notable barrier, they also present the opportunity for a substantial increase in value. Considering Shiba Inu's current prices, a leap to $0.00005 would signify a 100% rise in SHIB value. This threshold is significant because a successful breach might result in removing a zero from the SHIB price. Beyond the 110 trillion SHIB threshold, there exists a range where 37.13 trillion SHIB were purchased by 126,520 addresses above the $0.000051 price point.
Breaking through this level successfully could also erase a zero from SHIB's price, driving it to unprecedented highs. Furthermore, the existence of a bull flag pattern on Shiba Inu's daily chart bolsters a positive outlook for its price. Analyst Ali indicated earlier this week that Shiba Inu seems to be shaping a bull flag on its daily chart, potentially initiating a bullish breakout and pushing the SHIB price to $0.000072323.
As of the current writing, SHIB has experienced a 1.55% increase in the past 24 hours, reaching $0.000024, indicating the surge in dog coins. Shiba Inu has shown consistent growth over the past four days, with the price encountering short-term resistance at the daily MA (Moving Average) 50 of $0.0000263. A successful breakthrough above this level may be essential for SHIB to exit its current trading range and build momentum for a fresh bullish upturn.
