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Today, June 24, the cryptocurrency world has been flooded with speculative talk due to the emergence of Shiba Inu, the well-known dog-themed meme coin. Amid the token's price decline throughout the course of the previous day, a whale sold an astounding one trillion SHIB to Binance, which is the most prominent cryptocurrency exchange in the world.
Investors have assumed that the bull cycle for SHIB may be ending due to this transaction, which has caused gloomy sentiments to resonate throughout the broad cryptocurrency market, as per Coingape. On-chain data indicates that holders of the meme coin have also experienced a significant reduction in recent days, further solidifying the gloomy thoughts that have been expressed.
1 trillion dollar whale dump has investors concerned
The information that was provided by Whale Alert on X indicates that 1.08 trillion SHIB, which is equivalent to $18.36 million, was transferred to Binance today. During the SHIB whale transaction, it was discovered that the unknown address, 0x42a08447, was involved.
Typical market views suggested that the transaction was a sign of a decline in investor interest in the asset, which sparked a gloomy outlook on the prospect of future price fluctuations. On the other hand, the data provided by Etherscan reveals that the number of Shiba Inu holders has been steadily decreasing since June 10, when the token was trading at the price level of $0.00002. This is the true reason for concern. There were $1.396 million worth of Shiba Inu owners as of the time this article was published. While this was going on, the price of the SHIB token was trading at $0.00001 per token.
Recent reports by CoinGape Media have highlighted huge SHIB accumulations in the midst of the coin's bearish swing, suggesting that investors could buy the dip. However, the monthly chart, which illustrates a crash, has put investors in a precarious position.
The Shiba Inu's Price Has Dropped
As of this writing, the price chart for SHIB has declined, falling by 6.35 percent to $0.00001683. Over the course of twenty-four hours, the meme coin reached a low of $0.00001658 and a high of $0.00001801, respectively.
The monthly chart of Shiba Inu demonstrates a 32.33% reduction in value, while the weekly movement has shown a decrease of 15.18%, respectively.
Although it is possible that the current decline in the meme coin's price can be attributed to the market's general sentiment as well as the large whale dump, it is important to note that monumental increases in the SHIB burn rate have not been successful in strengthening price action.
In spite of this, the cryptocurrency market as a whole continues to monitor the token because it is anticipated that a post-BTC halving rally will occur soon. This, in conjunction with the ongoing burning of SHIB, may result in a pump shortly.
The Relative Strength Index (RSI) for SHIB has reached 25, which indicates that it has entered the oversold region, which is a strong indication that a possible price comeback may be on the horizon.
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