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Shiba Inu: Investors Lose Trust in the Token, Plans to Sell off 1Trillion SHIB

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Shiba Inu has not been experiencing good times in the crypto market lately, giving investors something to be afraid of. Not only has the dog-themed token been losing its value, but even the owner is also nowhere to be found on social media.

The decline of cryptocurrency has not given investors a good look, especially as they accumulate more losses in their wallets. In addition, predictions show that there will be more typing times for the crypto market and token prices. As a result, SHIB investors have lost their trust in the cryptocurrency price, thereby selling off one trillion SHIB tokens.

SHIB’s creation in August 2020 by Ryoshi was to rival dogecoin as the “dogecoin killer.” However, by trying to meet its rival’s standard, the memecoin has become one of the most popular cryptocurrencies worldwide.

Furthermore, the dog-themed token gathered a sizeable supportive community and millions of Shiba Inu investors in the market as it established itself on the Ethereum blockchain. So far, SHIB investors seem to believe that the cryptocurrency price slump is due to the selling of SHIB at a vast amount by multiple Shiba Inu whales in recent times.

SHIB Prices Continue to Nosedive

During the market dip, cryptocurrency traders grab the opportunity to buy SHIB tokens at the minimum price and hold them for a considerable period until the price improves, resulting to profit. However, the token does not seem to improve in the market. Additionally, it has been experiencing an all-time low in price for eight months. 

According to reports, Shiba Inu has experienced a significant drop of around 64.3%, even if Shiba Inu investors have accumulated approximately 1.02 trillion worth US$10.6 million. Therefore, these discouraged investors cannot think twice about the decision of selling off 1 trillion SHIB because the memecoin is known for supplying over 400 trillion SHIB. 

Related 👉Bloomberg Expands Its Daily Crypto Data Coverage to Include Shiba Inu and 39 Other Cryptocurrencies

Shiba Inu’s Collapse: The Aftermath 

The highly volatile token is going through one of its lowest moments in the cryptocurrency market as the price drops almost every day. So it is no surprise that the bearish market influences the memecoin’s price in a very inconsistent market. It has shown the highest single-day losses in over a year at the end of May 2022. 

About 3.71 trillion SHIB tokens were involved in financial transactions related to the loss of Shiba Inu investors. This way, the memecoin is losing investors because it restricted them from participating on-chain. Moreover, recent times have seen a decline in handling financial transactions with SHIB.

Therefore, selling off one trillion SHIB can be a good thing for the memecoin because it amounts to just less than 0.25% of the total supply in this cryptocurrency market.

SHIB Burning Initiative

The burning strategy of these memecoin tokens has increased by 113%, with the burning of approximately 228.10 million SHIB. According to the Shibburn portal, 410.36 trillion memecoins have been sent to dead wallets by Shiba Inu investors worldwide. 

Many different projects have helped implement this Shiba Inu burning strategy successfully with a total of 1.1 billion tokens. The main aim is to reduce the supply of this cryptocurrency to create more demand among Shiba Inu investors. But recently, the continuous downfall is leading to the loss of crypto investors from across the globe.

Read also 👉Top ETH Whale Purchases 187 Billion Shiba Inu As Community Burns 134 Million SHIB

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Lekan Eyinade
Lekan Eyinade is a resourceful crypto content creator and copywriter with over two years of experience writing compelling cross-channel copies for web content, press releases, newsletters, and advertising materials. He is adept at various communication formats, including feature articles, headlines, blogs, and social media and has used his skills to promote cryptocurrency adoption. His interests include cryptocurrency, finance, music, and sports.
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