Shiba Inu coinfaces a major threat from the possible sale of the $1 trillion SHIB held by ShibArmy. In addition, the burn rate of meme coin witnessed a massive 75% drop overnight.
Shiba Inu holders can sell 1 trillion tokens
The Shiba Inu burn rate took a huge hit, dropping by 75 percent overnight. After a major burn earlier in the week, Shiba Inu coin burns have slowed and only 34.72 million Shiba Inu tokens have been burned in the last 24 hours, according to data from the shibburn portal. Judging by the circulating supply of Shiba Inu, about 41% of the tokens have already been burned, while 55.6 percent remain in circulation on exchanges.
Supporters of the cryptocurrency, shiba inuHe believes the burning of . dogecoin The price of the so-called killer coin has dropped 88% from its all-time high and continues to drop. During this period, Shiba Inu holders continued to make a profit by regularly buying and selling meme coin.
Major investors, namely the 100 largest whales on the Ethereum network, have consistently accumulated Shiba Inu throughout the decline, while the meme coin has witnessed an increase in profit taking during the recovery and price escalation.
One of the favorite cryptocurrencies of big investors Shiba Inu price It is currently at an eight-month low and is facing massive backlog by investors. Whales and ShibArmy members on the Ethereum network have snatched the Shiba Inu in the last crash, so any rise in price provides investors with an opportunity to book profits.
Shiba Inu’s stock market reserves plummet
a crypto data tracker CryptoQuantAccording to data from , investors have collected 1.02 trillion Shiba Inu coins for $10.6 million. These tokens were also pulled from the circulating supply of the Dogecoin killer.
Therefore, if SHIB experiences any trend reversal, there is a possibility that over $1 trillion of Shiba Inu coins will flood the exchanges, increasing selling pressure and causing the price to drop.
In the short term as indicators show that the uptrend has lost its strength and bears are taking control of the meme coin. Shiba Inu priceindicates a loss of value. On May 31, the Shiba Inu recorded the highest single-day loss in a year, with 3.71 trillion Shiba Inu coins hitting exchanges and changing hands ahead of the price drop. Therefore, backers predict that history will repeat itself and ShibArmy will pour 1 trillion SHIB into the stock markets in the coming weeks and months.
Events that could be a bullish catalyst for Shiba Inu price
Despite all this downward trend, Shiba Inu developers recently announced that LEASH incentives for ShibArmy members will be available from July 2nd. Besides that, while not all digital plots available for purchase were sold, the team also changed the compensation timeline, which was too long so ShibArmy members didn’t have to wait.
Ryoshi’s disappearance caused a shock in the community and caused panic among investors. However, project manager Shytoshi Kusama appears to have taken over the reign and is working with the developers to roll out future Shiba Inu updates to the community.
Shiba Inu’s social dominance increased
Social dominance is an indicator and analytics provider that symbolizes the meme token’s popularity on sites like Twitter, Reddit, and Discord. LunarCrushAccording to data from Shiba Inu, the Shiba Inu witnessed a massive increase in social media mentions and social media dominance of 45 percent and 35 percent, respectively.
As social performance metrics attest, the meme cryptocurrency remains a hugely popular, socially dominant cryptocurrency initiative in the community. This is seen as a sign of the growing positive mood among Shiba Inu holders and crypto Twitter users.
Shiba Inu price could drop 20%
FXStreet analysts Shiba Inu price evaluated its chart and noted that SHIB is currently in a downtrend. However descending triangleis considered an indicator of a bullish trend and according to analysts Shiba Inu price approaching the bottom. Analysts believe that there could be a 20% drop from the current level with a target of $0.0000082 in the Shiba Inu price.
According to analysts, the support of $0.0000095 plays a crucial role in the price trend of the Shiba Inu. However, analysts believe that SHIB could break this support level and drop 20 percent from the 0.000010 level at the time of the video. The Shiba Inu, which is trading at $0.000009396, down about 7 percent at the time of writing, has already broken this support level.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.