Syed Zoheb

Recent weeks have seen Shiba Inu exhibit renewed strength, rising above significant resistance levels and momentarily surpassing the $0.000015 mark. However, the on-chain metrics present a convincing picture of what might happen next, and this sudden price movement is currently under pressure. The profitability chart shows that more than 200 trillion SHIB tokens — or roughly $3.09 billion — are in circulation at the moment, accounting for 20.78% of the total supply.

This marks an important turning point in the history of the meme coin. This indicates that a significant portion of holders are currently sitting on profit following an extended period of accumulation and losses. However, what impact does this have on the short-term market dynamics of SHIB? According to the technical chart, SHIB just crossed above its 200 EMA, which usually denotes a change in direction toward a bullish trend. Since then, though, price action has faltered and retraced below that level.

Waning momentum could be indicated by a pronounced rejection from the 200 EMA and the subsequent inability to hold that support. Right now the $0.00001450 level is serving as a crucial pivot; a decline below it might lead to a more substantial correction. The vast majority — 75%, or two trillion SHIB — is still out of the money from an on-chain standpoint, indicating that the larger holder base is holding out for better exit points.

card

This establishes a psychological ceiling between $0.000015 and $0.000016, where sellers may increasingly intervene to lock in gains. Whales may push SHIB past that group of underwater supplies, halting upward movement, unless volume dramatically increases. The 200 trillion tokens' profitability is a double-edged sword.

It raises the possibility of short-term profit-taking, particularly if the price starts to decline, but it also demonstrates a renewed sense of investor confidence. Strengthening from support at $0.00001360 and a confirmed hold above the 200 EMA could rekindle momentum. Up until that point, SHIB is stuck between the possibility of a breakout and an impending distribution wave.

The king of stablecoins loves gold. The leader of stablecoins in the crypto market, Tether, launched its own stablecoin backed by physical gold in January 2020. Called Tether Gold (XAUT), this stablecoin is backed by certified London Good Delivery gold bars. The crypto company has just released an update on its stocks of precious metal, which are counted in tons of gold.
Tether Gold (XAUT): a stablecoin backed by tons of physical gold
Tether Gold is therefore a stablecoin that aims to track the price of a troy ounce of gold (approximately 31.1 g of pure metal). It allows its investors to gain exposure to gold without having to physically own the precious metal. XAUT holders can also exchange their tokens for physical gold stored in vaults in Switzerland.