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Shiba Inu (SHIB) Vulnerable to a Crash Amid Massive Selling

2 mins
Updated by Ryan James
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In Brief

  • Shiba Inu’s price has been consolidated since early April and is now looking at a decline.
  • In the last 48 hours, investors have sold off over 4 trillion SHIB worth more than $100 million.
  • Long-term holders are not shying away from moving their assets either, adding to the lack of conviction.
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Shiba Inu’s (SHIB) price continues to show a drawdown in response to rapidly developing bearish market conditions.

The surge in selling and declining confidence among SHIB holders will potentially catalyze the correction.

Shiba Inu Investors Lose Optimism

Shiba Inu’s price could decline in the coming days as SHIB holders continue to sell their holdings. The total supply on the exchange has noted a sharp uptick, bringing it to a six-month high.

In the last 48 hours, the wallets across all exchanges have risen by more than 4.66 trillion SHIB. This $103 million worth of supply has been sold off by investors looking to secure whatever gains they have accumulated. The selling could also have been the result of investors offsetting their losses.

Shiba Inu Supply in Exchanges.
Shiba Inu Supply in Exchanges. Source: Santiment

This sentiment to prevent further losses has also been extended to some of the most secure investors. Long-term holders known for their resilience have been moving their assets.

In the last few days, multiple spikes have been noted in the age-consumed metric. This metric calculates the total days lost by multiplying the total supply moved with the total number of days it has been since the last move.

Spikes in the same hint at large amounts of supplies or very old coins moving, both of which are bearish for the asset. 

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Shiba Inu Age Consumed.
Shiba Inu Age Consumed. Source: Santiment

Thus, Shiba Inu’s price could be observed to be at a drawdown for these reasons.

SHIB Price Prediction: One Last Support

Shiba Inu’s price has already failed the breach of $0.00002584 and fallen out of the consolidation between this level and $0.00002267. The meme coin is now headed towards the critical support at $0.00002093, which has not been broken since April.

There is a chance of a drop below it, potentially sending SHIB to $0.00002000. This would mark a multi-month low for the asset.

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu Price Analysis.
Shiba Inu Price Analysis. Source: TradingView

But if Shiba Inu’s price bounces back from $0.00002093, it could recover slightly. This would result in SHIB’s continuing consolidation, also invalidating the bearish thesis.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
As a Mass Media (Journalism) graduate, my journey into cryptocurrency journalism has evolved into a distinguished role as an On-Chain Analyst over the past two and a half years. Collaborating with industry-leading media companies like FXStreet, AMBCrypto, and FXEmpire, I’ve delved deeply into the intricate realms of Crypto and Blockchain, crafting over 2,500 meticulously curated SEO-focused articles. Driven by a commitment to excellence, I remain steadfast in delivering the highest caliber...
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