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Shiba Inu (SHIB) is trying to restart growth that should erase yet another zero from the coin's price and lift its market capitalization to $7 billion.
After a powerful surge in the third quarter (+39.3%), the token went into a correction. Its market capitalization is now holding at $3.05 billion, while the price has frozen around $0.00000516. The investors' plan to remove the zero has been put on pause, and now everything depends on one specific line on the chart.
For the zero-erasing scenario to come back to life, buyers need one clear signal: closing the current week above the 23-week moving average (the green line).
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The price has now fallen below this level. Below it, the last line of defense is the round mark of $0.00000500, which keeps the market capitalization near the key $3 billion support. If large buyers step up their volumes and push the price above the green line by the weekly close, SHIB will return to growth. If the dip cannot be bought back, the coin risks sliding to the summer lows.
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The two scenarios everything is heading toward:
- Optimistic: 798 whales muster their will, buy the price back above the green line, erase the zero, and drive the market capitalization to to outpace Dogecoin, to the envy of its chief fan Elon Musk.
- Realistic: The buyback chokes, SHIB goes down to test the summer bottom, and the million retail "shrimps" are left with nothing to do but tighten their belts and keep believing in deflation.
Who is dragging the token to $7 billion
There is no panic inside the blockchain itself. On the contrary, large players are using the drop to accumulate coins. Over the past 24 hours, investors withdrew another 51 billion tokens from exchanges to their own wallets.
At the same time, the fate of this push toward $7 billion lies in the hands of a very narrow club. Blockchain statistics show that 94.6% of all SHIB coins are controlled by just 798 large wallets.
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As long as these holders (among them exactly 310 dollar millionaires) are not selling their coins, a supply shortage is building in the market. As soon as they push the price above the green line, it will become a signal for the mass retail market, which will then drive the remaining capital toward the target billions.