The price of Shiba Inu (SHIB) fell to $0.00000805 today, the lowest price on record since June. The FUD in the crypto market and Shiba Inu whales constantly selling their SHIB holdings are the factors behind the recent drop in SHIB price.
The 24-hour low and high for Shiba Inu are $0.00000805 and $0.0000089, respectively. Therefore, the SHIB price is down almost 10% in the last 24 hours and 13% in a week. The price is currently trading at $0.000008202.
Shiba Inu price falls amid whale dumping
Shiba Inu’s burn tracker Shibburn in one tweet unveiled on December 17 a total of 47,440,894 SHIB tokens burned in 11 transactions in the last 24 hours. According to the official burn website, Shiba Inu’s burn rate has increased by 235.41% in the past 24 hours.
Interestingly, of the transactions that burned the most SHIB tokens, Etherscan data from a wallet address showed that the wallet was inactive for over a year. The wallet became active and transferred all 23,616,644 SHIB tokens to the fire address.
The meme cryptocurrency Shiba Inu (SHIB) became the whales’ token of choice after witnessing massive rallies during the 2021 bull market. The whales have made millions of dollars in profits. However, with the crypto winter, SHIB has suffered one of its worst downfalls, which has caused whales to move away from the meme coin.
Recently, a Shiba Inu whale transferred more than 210 billion tokens worth $2 million to crypto exchange Binance on December 14. The whale bought 3.49 trillion SHIB tokens for 2.37 ETH in 2020 and has been selling SHIB tokens in small amounts ever since. The whale still holds over 546 billion SHIB tokens worth $4.86 million.
SHIB price may drop more
Shiba Inu price has reached a critical support level. Experts believe that the negative market sentiment following the collapse of FTX will cause more sell-offs. In addition, the FUD related to Binance and DCG’s Genesis, which faces potential bankruptcy risk, restricts traders and whales from depositing funds into SHIB.
Analysts are predicting that SHIB price could drop to $0.0000075 before making an upward move. Analysts believe Bitcoin and Ethereum are bearish and have yet to form a bottom. The rally of Bitcoin and Ethereum will see SHIB follow suit.
Also Read: Bitcoin Price Prediction: Is $19,000 Still Possible Or Will BTC Drop Below $15,000?
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post SHIB price drops 5%, this is why more sales are coming soon
was published first on https://coingape.com/shiba-inu-news-shib-price-tanks-why-more-selloff/