Shiba Inu (SHIB) Price Today: SHIB Soars Nearly 10%, Eyes $0.00003 Crucial Barrier

The price of Shiba Inu (SHIB) is surging today, rising nearly 10% during the trading session.

The popular meme-inspired cryptocurrency regained key support at $0.000024, setting its sights on the next crucial barrier at $0.00003.

Once seemingly unbreakable, this price level was lost for the SHIB token at the beginning of the new year.

However, SHIB's recent price action is indicating that this important level will be conquered once again.

While some may argue that the price of cryptocurrencies is more metaphorical than real, on-chain data can provide some insight into the forces at play behind the price movements of tokens.

For instance, in the case of SHIB and its price of $0.00003, there is a "roadblock" of approximately 65.46 trillion tokens.

This translates to a value of $1.58 billion, which was paid by 203,750 wallets at an average price range of $0.000024 to $0.00003 per SHIB.

If buyers are able to absorb this potential sell-off, then the SHIB token will receive a significant boost in its march toward the coveted price point.

It's worth noting that this volume of SHIB is currently at a loss for its holders, and there are more to come, with a total of 356,120 addresses holding 65.2 trillion SHIB in the red at the moment. They might want to sell.

The question is whether the buying power of the bulls will be able to absorb this liquidity, and if those who are currently at a negative PnL on their SHIB will want to sell, at least at break-even.