Top meme coins like Shiba Inu (SHIB) have struggled a lot with the emergence of new similar kinds of tokens. Despite this SHIB has managed to gain more than 152% over the year to date (YTD) but the selling pressure still persists.
Trillions of Shiba Inu dumped
As per the data shared by crypto trader and analyst Ali Martinez, more than 4 trillion Shiba Inu tokens have been sent to multiple crypto exchanges in the last two weeks. The cumulated transfer is worth around $103 million.
This influx had increased the total SHIB supply on exchanges from around 144 trillion to over 147.5 trillion coins.
Shiba Inu has recorded a gain of 7% in the last 7 days while it is up by 21% over the last 30 days. An increasing selling pressure is visible in the community which has resulted in a 10% price drop over the last 60 days.
The new trending meme token, PEPE, has taken over the market with its 1000% surge recorded over the past one year.
On May 29, SHIB’s price surged to a peak of $0.000029, marking a 21% increase within a few days. However, this spike was followed by a 12.16% decline. The price drop occurred in two stages, the first is an initial 8% fall followed by a second 10% decrease.
What’s next?
Shiba Inu is trading at an average price of $0.00002619, at the press time. It is down by 70% from its all time high (ATH) of $0.00008845 recorded on October 28, 2021. Its 24 hour trading volume is down by 53% to stand at $669.2 million with a market cap of $15.42 billion.
In addition to these price movements, the Shibburn platform reported that 9,846,020 SHIB tokens were burned in 13 transactions since the previous morning. The three largest burns involved 2,915,754, 2,000,000, and 1,500,000 SHIB coins, respectively.
The tracker also recorded a large whale transaction with an unknown wallet address accumulating 445.86 billion SHIB tokens at a price level of $0.000027. This acquisition highlights a vote of confidence in SHIB’s potential. The address now holds a total of 527.37 billion SHIB tokens, worth approximately $13.76 million, along with other cryptocurrencies such as Chainlink (LINK), Uniswap (UNI), and Matic (MATIC).
