Shiba Inu Cryptocurrency Aims for Break-Even Price Amid Market Challenges

According to U.Today, Shiba Inu, the dog-themed cryptocurrency, is striving to reach a break-even price of $0.00005. This target symbolizes the collective ambition of the Shiba Inu community to see their favored token ascend to unprecedented levels. To attain this break-even point, an impressive 106 trillion SHIB tokens need to correspond with the price goal of $0.00005. The Break Even Price indicator from IntoTheBlock offers a summary of holders' realized gains and losses for a specific crypto asset. For addresses that have incurred losses, the price would need to rise to the designated price range for these holders to break even on their positions. According to this indicator, 308,180 addresses hold 106.54 trillion SHIB at a loss between $0.000026 and $0.000051, with an average price of $0.000034. This implies that over 308,000 Shiba Inu addresses would need SHIB to increase to $0.000051 to break even. Given the current market dynamics, this is a challenging task, necessitating a combination of market forces and investor sentiment. Currently, SHIB’s price is approximately $0.000025, with a market capitalization of $14.59 billion, ranking it 11th among top cryptocurrencies by market value. The move to $0.00005 would represent a significant increase of over 100%, which raises questions about what might drive such a surge. In the short term, Shiba Inu faces a tough barrier at the daily SMA 50 near $0.000025. A break above this crucial level may be necessary for SHIB to exit its current trading range and revisit highs at $0.000030 and $0.000032. If a breakout above this key barrier fails, Shiba Inu might continue in its current range with support near $0.000018 and $0.00002 for some time. As the Shiba Inu price trends are closely watched, the Shiba Inu development team continues to build. ShibaSwap was launched on Shibarium this week, enabling users to create new liquidity pools and perform cross-swaps between Ethereum and Shibarium.