The second-ranked meme coin, Shiba Inu, has been trading sideways for the past 30 days, with a significant price drop in the past seven days. On-chain data suggests that this downward trend may continue in the short term as selling pressure continues to increase. Some of Shiba Inu's major holders recently moved trillions of SHIB, which may indicate an upcoming sell-off, with 4.92 trillion SHIB being moved to the cryptocurrency exchange Coinbase.
On-chain data shows that SHIB faces huge selling pressure
Most of the larger cryptocurrencies have seen price declines over the past 24 hours. For example, Bitcoin fell more than 2% yesterday from above $70,000, extending its seven-day decline to more than 5%.
This in turn caused a corresponding drop in the prices of major altcoins, with Ethereum also plunging by nearly 5%. This sudden move in the cryptocurrency market was largely influenced by the May employment report released by the U.S. Department of Labor yesterday, which showed an increase in the U.S. unemployment rate.
Shiba Inu was not immune to these price drops, as price action shows the cryptocurrency’s price falling by as much as 10% yesterday. In a recent social media post from OnchainDataNerd, the large transaction monitoring company noted that 10 whale wallets deposited 4.29 trillion SHIB tokens to Coinbase. At the time of the transfer, the tokens were worth approximately $97.33 million. The massive transfers to Coinbase mean that whales now have a convenient way to dump their holdings, which could bring renewed selling pressure to the market.
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OnchainDataNerd also noted that the transaction patterns of these whale wallets may indicate that they are under the control of the same entity. These tokens were accumulated in two different periods in September 2021 and March 2024, with an average entry price of $0.00001309. Since SHIB is now trading well above $0.000022, the total sell-off of these tokens will bring the whale $41.22 million in profits.
Shiba Inu prices need buyers to rebound
At the time of writing, SHIB is trading at $0.00002217, down 15.10% over the past seven days. The cryptocurrency has tested the $0.00002117 support level twice in the past 24 hours and is at risk of further declines amid selling pressure. In the face of heavy selling pressure, for the Shiba Inu price to rebound, there will need to be enough buyers to absorb the excess supply.
On the other hand, the recent surge in Shiba Inu’s burn rate suggests that selling pressure may soon end. This increase in SHIB’s burn rate represents a 68,000% change in the past 24 hours. While short-term price action may be negative, the long-term outlook remains positive. According to one analyst, Shiba Inu will surge to $0.00024, which would represent a 1,100% increase from current price levels.
The second-ranked meme coin, Shiba Inu, has been trading sideways for the past 30 days, with a significant price drop over the past seven days. On-chain data suggests this downtrend could continue in the short term as selling pressure continues to build. Some of Shiba Inu’s major holders recently moved trillions of SHIB, which could signal an upcoming sell-off, with 4.92 trillion SHIB being moved to cryptocurrency exchange Coinbase.
On-chain data shows that SHIB faces huge selling pressure
Most of the larger cryptocurrencies have seen price declines over the past 24 hours. For example, Bitcoin fell more than 2% yesterday from above $70,000, extending its seven-day decline to more than 5%.
This in turn caused a corresponding drop in the prices of major altcoins, with Ethereum also plunging by nearly 5%. This sudden move in the cryptocurrency market was largely influenced by the May employment report released by the U.S. Department of Labor yesterday, which showed an increase in the U.S. unemployment rate.
Shiba Inu was not immune to these price drops, as price action shows the cryptocurrency’s price falling by as much as 10% yesterday. In a recent social media post from OnchainDataNerd, the large transaction monitoring company noted that 10 whale wallets deposited 4.29 trillion SHIB tokens to Coinbase. At the time of the transfer, the tokens were worth approximately $97.33 million. The massive transfers to Coinbase mean that whales now have a convenient way to dump their holdings, which could bring renewed selling pressure to the market.
OnchainDataNerd also noted that the transaction patterns of these whale wallets may indicate that they are under the control of the same entity. These tokens were accumulated in two different periods in September 2021 and March 2024, with an average entry price of $0.00001309. Since SHIB is now trading well above $0.000022, the total sell-off of these tokens will bring the whale $41.22 million in profits.
Shiba Inu prices need buyers to rebound
At the time of writing, SHIB is trading at $0.00002217, down 15.10% over the past seven days. The cryptocurrency has tested the $0.00002117 support level twice in the past 24 hours and is at risk of further declines amid selling pressure. In the face of heavy selling pressure, for the Shiba Inu price to rebound, there will need to be enough buyers to absorb the excess supply.
On the other hand, the recent surge in Shiba Inu’s burn rate suggests that selling pressure may soon end. This increase in SHIB’s burn rate represents a 68,000% change in the past 24 hours. While short-term price action may be negative, the long-term outlook remains positive. According to one analyst, Shiba Inu will surge to $0.00024, which would represent a 1,100% increase from current price levels.
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