In the midst of a substantial crypto market selloff witnessed today, March 15, Shiba Inu, an Ethereum-based meme coin, birthed a cyclone of speculations across the broader crypto market as it noted colossal whale activity recently. A whopping 1 trillion SHIB on the move nabbed global attention as Shiba Inu painted a bearish climate across the crypto landscape today, with its price slipping below the $0.00003 mark as of press time.
Following a nearly 200% upswing showcased by SHIB in the past thirty days, this drop has taken crypto market enthusiasts by storm. Despite the community’s continued burning of SHIB, as reported by CoinGape Media today, a roughly 10% drop in price over the past 24 hours fueled a cyclone of speculations orbiting Shiba Inu globally.
1 Tln SHIB On The Go: A Closer Look
According to the insights offered by the blockchain tracker Whale Alert, a staggering 1 trillion SHIB was noted to be transferred by an unknown wallet address, 0xf633cdd2…2f3493bbac, to GateIO, a renowned cryptocurrency exchange. This massive selloff birthed bearish sentiments among crypto market traders and investors, aligning with the token’s today’s considerable fall, with a gigantic whale further showcasing a loss of interest in SHIB.
Meanwhile, with the selloff aiding in SHIB’s supply gains on exchanges, the potential impact of burning tokens diminishes, adding to the bearishness birthed on SHIB. Despite the community’s recent ventures to jack up Shiba Inu’s tokenomics, a massive plunge observed over the past 24 hours has set upon a bearish wave across the vast sea of crypto.
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Shiba Inu Slips
As of writing, the Shiba Inu token’s price witnessed a significant fall of 13.23% over the past 24 hours and is currently trading at $0.00002874. Following its recent topping of the $0.00004 mark, a drop below $0.00003 has nabbed considerable attention.
With a complex market dynamic, Shiba Inu indicates signs that the market may be witnessing a transitory phase. Coinglass‘ data hinted at a 13.83% drop in SHIB’s open interest, whereas volume surged 3.71%. This hinted at heightened trading activity in the market, possibly driven by short-term trading, with investors not committing to long-term positions, further signaling uncertainty in the market direction.
The RSI hovering around 59 as of press time, coming in tandem with SHIB’s fall, may hint at a weakening downward momentum, pointing to a potential consolidation phase ahead. Despite the meme coin’s considerable price slump, the RSI illustrates that some resiliency or buying interest in the market prevails. This might prevent the prices from falling further. However, crypto market enthusiasts portray a sense of caution as the market may witness a transition, as mentioned above.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
