Shiba Inu Faces Uncertainty as 1 Trillion SHIB Dumped on Binance by Whale

Today, June 24th, Cryptocurrency The world, Shiba Inuthe famous dog-themed meme coin, saw whales sell off a staggering $1 trillion as the token’s price tumbled throughout the previous day. Shiv The most famous is Binance Cryptocurrency Exchanges around the world.

Investors are assuming that the deal marks the end of SHIB’s bull cycle, which has led to gloomy sentiment across the cryptocurrency market. CoingapeHolders of the meme coin have also experienced significant declines in recent days according to on-chain data, further cementing the pessimistic sentiment expressed.

Investors concerned about trillion-dollar whale dump

According to information provided by Whale Alert, the number of victims is estimated at 1.08 trillion. ShivThe equivalent of $18.36 million was transferred to Binance today. Shiv The whale’s transactions were found to involve an unknown address, 0x42a08447.

The general market view suggests that the deal is a sign of declining investor interest in the asset, sparking gloomy prospects for future price movements. Meanwhile, data provided by Etherscan showed that: Shiba Inu The number of holders has been steadily declining since June 10, when the token was trading at $0.00002, which is a real reason for concern. Shiba Inu At the time of publication, there were 200 owners. Shiv The tokens were trading at $0.00001 per token.

A recent report by CoinGape Media revealed that a huge Shiv The accumulation comes amid the coin’s bear market, suggesting investors may be willing to buy on the dips. However, the monthly chart showing a selloff has put investors in a precarious position.

of Shiba InuThe price of

At the time of writing, Shiv It dropped, dropping 6.35% to $0.00001683. In the space of 24 hours, the meme coin touched a low of $0.00001658 and a high of $0.00001801, respectively.

Monthly Chart Shiba Inu Respectively, they represent a 32.33% decrease in value and a 15.18% decrease in the week-to-week movement.

The current drop in the price of meme coins could be due to general market sentiment and large scale whale speculation, but Shiv Burn rate has not been successful in reinforcing price movements.

Nevertheless, Cryptocurrency The market as a whole continues to monitor the token as a post-BTC halving rally is expected to occur soon. This, coupled with the ongoing BTC burn, Shiva pump may occur immediately.

SHIB’s Relative Strength Index (RSI) has hit 25, which indicates that SHIB has entered oversold territory and strongly suggests that a price recovery may be on the way.

photograph: Microsoft Bing

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