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Title: 11 Trillion SHIB and Then 15 Trillion: Shiba Inu in Massive Trap
The recent surge in price for Shiba Inu (SHIB) has been a welcome development for investors and supporters of the meme cryptocurrency. However, a closer examination of on-chain data suggests that the asset may be caught in a massive trap, with significant accumulation zones posing a significant risk to its upward momentum.
According to the data, there are approximately 11 trillion SHIB tokens accumulated at the current market price, creating a substantial amount of overhead pressure. This is not the only issue, as an additional 15 trillion tokens await higher prices, further solidifying the notion that SHIB may be trapped in this liquidity squeeze.
Furthermore, analysts suggest that while recent price growth is a positive development, it lacks the conviction necessary to drive the asset much higher. The lack of significant buying momentum and generally muted trading volume only adds to concerns about the potential for consolidation or even reversal.
Despite the encouraging short-term gains, investors should exercise caution when considering further exposure to SHIB. It appears that the asset may be vulnerable to significant resistance, making it crucial to re-evaluate one’s investment thesis in light of these findings.
Source: https://u.today/11-trillion-shib-and-then-15-trillion-shiba-inu-in-massive-trap
