Shiba Inu (SHIB) is on the brink of a significant milestone, nearing a substantial 627 trillion SHIB barrier, as indicated by the break-even price analysis from IntoTheBlock. This indicator evaluates the realized gains and losses of addresses holding SHIB with on-chain data.
Examining the break-even price chart for Shiba Inu reveals a conspicuous red cluster, the largest in its category, representing addresses with realized losses. Astonishingly, 468,690 Shiba Inu addresses acquired an immense 627.45 trillion SHIB within a price range of $0.000009 to $0.000027, averaging at $0.000015.
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These addresses need the value of their SHIB tokens to rise to an average price of $0.000015 to break even. SHIB has seen a 3.01% decrease in the last 24 hours and is trading at $0.000008513.
Shiba Inu (SHIB) Break-Even Challenge
The challenge lies in the fact that a substantial number of addresses are currently in the red, having invested in Shiba Inu (SHIB) when its value was higher. These investors await a price surge to reach their break-even point.
SHIB’s current value is just 56.75% of the value needed for these wallets to break even, and the meme coin has a long way to go.
Recent Developments
Shibarium, Shiba Inu’s layer 2 solution, recently recorded over a million blocks, a notable milestone that impressed many in the community. However, when Shibarium crossed that milestone, it recorded an average of less than 10,000 daily transactions. This amount is a massive drop from its peak of 202,970 transactions on September 11 and is a cause for concern.
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However, mass blockchain adoption takes time, and that is what the SHIB team is striving for. Lucie (@LucieSHIB), a notable member of the SHIB team, has also asked users to move their tokens to Shibarium. She highlighted that fees on the platform were negligible, which could be an incentive to increase the number of users.
Using Shibarium will also help increase token burning. This deflationary model is one of SHIB’s major strategies for growth, and Lucie stated, referring to Shibarium, “The more you utilize it, the more you contribute to the burns.”
Investors and enthusiasts in the market are closely watching SHIB’s developments, eager to see how the meme coin navigates its current challenges and capitalizes on new opportunities in the market. With $0.000015 as the target for the wallets to break even, ChatGPT recently revealed whether SHIB could reach $0.00001 before the end of 2023.
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