SHIB Attempts a 10% Price Surge Amid Bearish Wallet Stat

• The Shiba Inu ecosystem’s native token SHIB is displaying a bullish momentum.
• In the past 72 hours, the meme coin has recorded consecutive higher lows in its daily chart.
• Existing selling pressure seems to be hampering SHIB’s movement to the upside.

The Shiba Inu ecosystem’s native token SHIB is displaying a bullish momentum. In the past 72 hours, the meme coin has recorded consecutive higher lows in its daily chart, according to data from the leading crypto portfolio manager, CoinStats.app. However, the attempted SHIB uptrend is facing resistance due to the status of most SHIB wallet holders with the price.

Although it all looks promising for SHIB from a technical perspective, the existing selling pressure seems to hamper its movement to the upside. Data from the crypto market intelligence platform IntoTheBlock shows that nearly 94% of SHIB holders are running at a loss at the current price. The analytics platform also reveals that only 3.52% are on unrealized profit, while 2.84% are currently in profit.

SHIB’s bullish bias suggests an attempted recovery from a 15% drop, which the flagship meme c…

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