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February 27, 2024
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Shiba Inu Selling Pressure Spikes: SHIB Price Might Drop Heavily in Coming Days

The post Shiba Inu Selling Pressure Spikes: SHIB Price Might Drop Heavily in Coming Days appeared first on Coinpedia Fintech News

Cryptocurrencies struggled today as the sector dealt with the repercussions of the FTX meltdown. Furthermore, investors are still processing the Federal Reserve’s final meeting of the year, which took place earlier this week. Not only has FTX CEO Sam Bankman-Fried been arrested and charged with wire fraud, money laundering, and securities law violations, but the bankruptcy is spreading throughout the industry. 

As for Shiba Inu, the price decreased for the third day in a row on December 16, approaching the critical $0.0000080 support level. Buyers emerged at these lows, and SHIB recovered somewhat to intraday highs of $0.000082 on December 17. Although it is now trading in this range, investors might see it as an opportunity to purchase the dip.

Shiba Inu’s on-chain Data Hints Toward Bearish Blues

Shiba Inu’s burn tracker Shibburn recorded a total of 47,440,894 SHIB tokens burned in 11 transactions in the last 24 hours in a tweet on December 17. Shiba Inu’s burn rate has climbed by 235.41%, according to the official burn website.

Surprisingly, among the transactions that burnt the most SHIB tokens, Etherscan data from a wallet address revealed that the wallet had been dormant for more than a year. The wallet was activated, and all 23,616,644 SHIB tokens were sent to the burn address.

Increased volatility frequently leads to increased trading volumes as experienced traders buy and sell large quantities in order to maximize profits. Similarly, the spike in SHIB volume could be attributed to investors buying the dip when the stock’s price dropped to near six-month lows.

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