Last week, SHIB raised major questions. More than 4 trillion Shiba Inu (SHIB) tokens, worth about $103 million, were transferred to various cryptocurrency exchanges, which attracted a lot of attention. The market movement reflects the behavior of investors seeking to take profits after the price increase. This situation once again highlights the increasing selling pressure on this popular meme token. In the latest statement published by Ali Martinez on X, it is mentioned that these tokens were sent to exchanges in the past two weeks, and these investors may sell them in the next few days.

Shiba Inu prices face sharp drop

Market data confirms this, showing that investors are actively selling their SHIB holdings, and even whales have joined the trend. This can be seen from the slight decline in the supply of SHIB held by the top addresses over the past seven days. Considering the increasing selling pressure, we conducted further analysis to evaluate the future price trend of SHIB.

The chart provided by Santiment shows that SHIB’s NVT (network value to transaction ratio) has risen again, which may indicate that SHIB is overvalued and the price may fall.

How much is a Shiba Inu coin worth?

SHIB’s RSI value rose to 71 after the recent rally but has since plummeted. As of this writing, the RSI is just above 40. The price of Shiba Inu currently stands at 0.00002518 after falling 0.39% over the past 24 hours.

Data from Coinglass shows that SHIB’s open interest in futures trading has increased significantly, highlighting the increased interest in the asset. This is consistent with the increase in SHIB’s on-chain activity.

The transfer of 4 trillion SHIB tokens to exchanges during the price rally earlier this week has raised major questions in the market. The dog-themed meme token has gained 144% since the beginning of the year, but its price could fall as investors look to take profits.

At the beginning of the year, SHIB was traded at $0.000009, then reached a high of $0.000035 before starting to fall.

Memorable moments in Shiba Inu history

Shiba Inu’s official X (formerly Twitter) account highlighted that it has been three years since Ethereum co-founder Vitalik Buterin destroyed 410 trillion SHIB tokens (almost half of the total supply of the meme coin).

The destroyed tokens were part of a 500 SHIB tokens sent by the meme coin founder Ryoshi to the Ethereum co-founder. As we all know, Vitalik’s move was a pivotal moment for the Shiba Inu ecosystem and is forever etched in its history.

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