The meme-based cryptocurrency Shiba Inu (SHIB) has experienced a sharp decline in the market, leaving a surprising number of investors in a precarious position.
Shiba Inu's "Red Zone" Brings Trouble
The meme coin’s descending trendline has pushed roughly 1 million holders into what is commonly referred to as the “red zone” in the cryptocurrency trading world. The territory is a distress signal to investors, and currently, for a large portion of Shiba Inu stakeholders, it's flashing red.
Despite the large number of investors facing losses, there is a glimmer of hope. About 219,880 wallets, or 17.51% of SHIB holders, have managed to gain or at least gain a foothold in profitable territory. In addition, a small number of investors, representing 34,600 wallets or 2.76%, are currently at the break-even point, with neither profit nor loss.
Crypto Whale Awakens!
Cryptocurrency analytics platform Spot On Chain recently reported an interesting incident in the SHIB market. After a hibernation period of approximately 7.5 months, a dormant crypto whale suddenly woke up and transferred a staggering 499.6 billion Shiba Inu coins to the Hotbit cryptocurrency exchange, equivalent to approximately $4.2 million. The whale, which made an estimated $70 million in profits during the 2021 Shiba Inu craze, appears to be looking to exit the SHIB market.
Shiba Inu: Selling pressure increases
Despite the excitement surrounding the launch of SHIB THE METAVERSE, the price trajectory for the Shiba Inu continues to follow an ongoing downward trend. At the time of the report, the memecoin price stood at $0.00000851, indicating a modest gain of 0.5% over the past day.
Additionally, notable activity within the Shiba Inu ecosystem caught my attention. According to Etherscan, up to 280 billion SHIB tokens (equivalent to approximately $2,360,220) were transferred to a Huobi wallet in a matter of hours. Such significant movement of tokens indicates a possible selling intent, which could put further downward pressure on SHIB’s market price.
