Shiba Inu Encounters Opposition from 24 Trillion Tokens

Shiboshis NFT

Shiba Inu (SHIB) currently faces a critical situation as it hovers around the level where 24 trillion tokens were purchased, as indicated by IntoTheBlock’s Global In/Out of Money data. If SHIB’s price drops below its current position, it could encounter intensified selling pressure.

According to IntoTheBlock, the majority of SHIB holders, approximately 85%, are currently incurring losses, while only 11% are in a profitable position. This challenging scenario is further exacerbated by SHIB’s struggle to surpass the $0.000008 price threshold. Additionally, the potential volatility resulting from the U.S. CPI data may contribute to increased selling activity for SHIB.

Therefore, the upcoming launch of Shibarium holds immense significance for bullish SHIB investors. Missing the August deadline for this layer-2 network launch could have detrimental effects on SHIB’s price. Moreover, given the diminished interest in metaverse initiatives over the past year, the Shibarium launch stands as the primary development for the Shiba Inu project at present.

SHIB Holders Move Tokens Off Exchanges Amidst Sell Pressure

Despite the increased sell pressure on Shiba Inu (SHIB), some users have opted to transfer their holdings away from exchanges. One trader, as reported by Arkham, moved 405 million SHIB tokens from Binance into an anonymous wallet. However, the amount transferred to the anonymous wallet is relatively small and may not have a significant impact on the overall market dynamics

shiba inu

In addition, the burn mechanism implemented by Shiba Inu (SHIB) has not seen significant activity. Although 35,342,371 tokens were sent to the dead wallet within a 24-hour period, this number alone is not sufficient to turn the tide. According to Shibburn, SHIB’s burn rate is currently down by 88.21%. As of now, Shiba Inu (SHIB) is trading at $0.00000751, showing a slight increase of 0.46% in the last 24 hours.

shiba inu

Share this :