title: Shiba Inu (SHIB) Token Price Chart Looks Ugly, What's Suppressing the Meme Cryptocurrency?

Things are not looking good for the Shiba Inu token (SHIB) lately, judging by the price chart of the popular meme cryptocurrency.

Shiba Inu (SHIB) token has lost nearly 55% since December, and it seems that even when the market goes fully positive, like last Sunday for example, there is some force that does not let SHIB off the hook.

Shiba Inu (SHIB) token has lost nearly 55% since December, and it seems that even when the market goes fully positive, like last Sunday for example, there is some force that does not let SHIB off the hook.

Shiba Inu price chart can't get out of yearly lows

Coming into 2024, the price of SHIB has been performing poorly, and it seems that even when the market goes fully positive, like last Sunday for example, there is some force that does not let the Shiba Inu token off the hook.

Coming into 2024, the price of SHIB has been performing poorly, and it seems that even when the market goes fully positive, like last Sunday for example, there is some force that does not let the Shiba Inu token off the hook.

The chart shows that the token has lost nearly 55% since December, and it is currently trading at $0.0000135, which is a far cry from its yearly highs of over $0.00002.

Shiba Inu tokens are heavily concentrated in a specific price range

According to on-chain data presented by IntoTheBlock, for example, it becomes clear that there is a huge pool of Shiba Inu tokens formed in the range of $0.0014 to $0.0019.

This means that 46,240 addresses have accumulated 549.56 trillion tokens in this exact price range, and considering that the price of SHIB is currently $0.00135, all of these tokens are currently underwater and causing losses to their holders.

However, there is a big catch, as about 410.43 trillion SHIB of this amount are those tokens that are located in the burn address used by Vitalik Buterin back in 2021.

Thus, the sum is much less dramatic than 549.56 trillion, but it is still almost 140 trillion SHIB, which is equivalent to $1.89 billion, and with each leg down, this brings more and more losses to holders, creating significant pressure on the price of SHIB.

It is just that such a large amount of tokens has accumulated in this tight range and now acts as resistance. Who would not want to get out at least at break-even when the market is shaken up almost daily?