Shiba Inu Price Crash Persists Despite Trillions Of SHIB Tokens Being Bought Up
08 Mai 2023 - 5:01PM
NEWSBTC
Shiba Inu [SHIB] is facing a significant price drop despite
trillions of the meme coins being purchased. However, this amount
of purchase can’t seem to stop its price crash. What could be
causing this downward trend, and will it continue in the coming
months? Despite the large number of Shiba Inu tokens purchased, the
cryptocurrency market remains highly speculative, and prices can be
affected by a multitude of factors. Could it be that investors are
losing faith in Shiba Inu’s long-term potential, or is this simply
a temporary setback in a highly volatile market? As the Shiba Inu
price continues to decline, many investors are left wondering
whether they should hold on or cut their losses. Shiba Inu Token
Volume Surges But Price Continues To Decline A recent report from
cryptocurrency intelligence agency, IntoTheBlock, indicates that
large buyers purchased over 10.25 trillion SHIB tokens in the past
week, exceeding sales by 250 billion SHIB. Despite this volume
surge, the price of SHIB has continued its downward trend for the
third week in a row. Interestingly, the week saw a spike in
bullish sentiment, as large buyers seemed to dominate the market.
However, this paradoxically did not translate to a rise in the
token’s value. Although SHIB demonstrated growth from Monday to
Wednesday, this trend was short-lived, and the token’s value fell
during the next three days. This trend is in line with the recent
bearish trend of the cryptocurrency market, which has been
characterized by significant volatility and price declines.
Shiba Inu’s value on CoinGecko currently stands at a mere
$0.00000899, having undergone a 4.2% slump in the past 24 hours and
an 10.6% decline over the past seven days, leaving investors in a
state of uncertainty about its future trajectory. Source: Coingecko
Cryptocurrency Market Volatility And The Future Of SHIB The decline
in SHIB’s price is not an isolated case but is instead reflective
of the cryptocurrency market’s recent volatility. Both Bitcoin and
Ethereum, the two largest cryptocurrencies by market
capitalization, have also undergone significant price corrections
in the past week, which has created uncertainty in the market. The
fluctuation in prices can be attributed to several factors,
including regulatory pressures, investor sentiment, and even
environmental concerns around the energy consumption of mining
cryptocurrencies. Related Reading: Shiba Inu: Whales
Accumulate Yet Price Drops – What’s Going On? SHIB total market cap
at $5.3 billion on the daily chart at TradingView.com Related
Reading: How Long Will Dogecoin Remain Sideways As Sellers Threaten
Bearish Breakout? The recent slump in SHIB’s price can, therefore,
be understood as part of a broader trend in the cryptocurrency
market, which has been characterized by significant price declines
and uncertainty. Moreover, with the growing popularity of
alternative meme tokens like PEPE, investors may be exploring other
options instead of SHIB, which could further contribute to the
decline in SHIB’s price. However, it is important to note
that the cryptocurrency market is highly volatile and
unpredictable, and it remains to be seen whether SHIB will recover
from its recent slump or not. Investors need to exercise caution
and undertake thorough research before making any investment
decisions in the volatile cryptocurrency market. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk)
-Featured image from iStock
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024