The popular meme coin, Shiba Inu, is an interesting altcoin that Turkish crypto investors also throw in their baskets. In the period when meme coins were hype, they undoubtedly provided good returns to their investors. However, he has been having a hard time lately. In a recent development, the token went down with the sale of SHIB on Binance.
Epic ‘red candle’ for altcoin creates chaos
cryptocoin.comAs you follow, it was a turbulent trading day in the crypto space. Specifically, for the popular meme coin Shiba Inu. SHIB witnessed a huge sale in the market. As a result of this, worrying red candles formed on the altcoin price charts. This stunned investors. The global rash in token prices did not bypass the Shiba Inu (SHIB). As the Trade View indicator shows, traders quickly sold out 800 billion SHIB on Binance alone.
The sharp decline in the value of SHIB is part of a broader trend affecting the entire cryptocurrency market. Because, the market has been witnessing a downward trend lately. However, a drop of this size has caused investors and traders to worry. So they wonder if this is just a correction in the previous momentum or a complete market turnaround in favor of the bears.
As you may recall, in the past weeks, the market has seen an extreme bullish wave. Greed has come to dominate the market sentiment. However, the current setback has spoiled this enthusiastic atmosphere. It has also raised doubts about the sustainability of the crypto market’s upward trajectory.
The price of SHIB fell after five consecutive days of growth. Now, all eyes are on a key resistance level hovering around $0.000007. Historically, this level is a turning point for the altcoin. Because it provided support during previous declines.
SHIB burning continues at full speed
Shiba Inu Community managed to transfer 73,972,026 (73.97 million) SHIB to dead wallet in three separate transactions in the last 24 hours.
This represents a notable 304.73% increase in incineration compared to the previous day when only 18,276,932 (18.27 million) SHIBs were removed from circulation in five separate transactions. The biggest burn of the day came from a newly emerged token called MARSWAP (MSWAP). MSWAP sent 59,972,026 (59.97 million) SHIB to Inferno in a single transaction.
Shortly after, the mystery wallet set 13,000,000 (13 million) SHIB on fire in a single transaction. There are currently 114,060,937 (114.06 million) SHIBs in the wallet in question, worth $881. This indicates that potential SHIB burning could occur in the coming days or weeks.
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