The meme-based cryptocurrency, Shiba Inu (SHIB), has experienced a sharp decline in the market, plunging a staggering number of investors into a precarious state of affairs.
Shiba Inu’s “Red Zone” Spells Trouble
The meme coin’s downward trendline has pushed approximately one million holders into what is commonly referred to as the “red zone” in the cryptocurrency trading arena. This territory serves as a distress signal for investors, and currently, it is flashing red for a significant portion of Shiba Inu stakeholders.
Despite the substantial number of investors facing losses, there is a ray of hope. Around 219,880 wallets, representing 17.51% of SHIB holders, have managed to secure gains or at least hold their ground in the profitable territory. Additionally, a smaller group of investors, accounting for 34,600 wallets or 2.76%, currently sits at the breakeven point, experiencing neither profit nor loss.
Related: Shibarium to Launch in Q3- Will This Lift the Shiba Inu (SHIB) Price Above $0.00001?
Crypto Whale Awakens!
Spot On Chain, a cryptocurrency analytics platform, recently reported an intriguing event in the SHIB market. A dormant crypto whale, after a hibernation period of approximately 7.5 months, sprang to life and transferred a staggering 499.6 billion Shiba Inu Coins, equivalent to around $4.2 million, to the Hotbit cryptocurrency exchange. This whale, having enjoyed an estimated profit of $70 million during the 2021 Shiba Inu frenzy, appears to be seeking an exit from the SHIB market.
Shiba Inu: Selling Pressure Increases
Despite the excitement surrounding the introduction of “SHIB THE METAVERSE,” Shiba Inu’s price trajectory continues to follow a persistent downward slope. As of the time of reporting, the meme coin stands at $0.00000851, indicating a marginal 0.5% uptick in the past day.
Moreover, notable activity within the Shiba Inu ecosystem has caught my attention. According to Etherscan data, a whopping 280 billion SHIB tokens, equivalent to approximately $2,360,220, were transferred to a Huobi wallet within a few hours. This significant movement of tokens suggests a possible intention to sell, which could contribute to further downward pressure on SHIB’s market price.
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