Unexpected Shiba Inu (SHIB) Reset Might Start Soon, Here’s Reason

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As a seasoned analyst with years of experience navigating the volatile and unpredictable crypto markets, I must admit that the current state of Shiba Inu (SHIB) is intriguing. The 7.14% surge in trading volume to $265.56 million within a day is a clear sign of heightened market activity. However, the concurrent 2.09% dip in value to $0.00001407 raises some concerns about a potential price reset.

In the last 24 hours, the dog-themed cryptocurrency Shiba Inu (SHIB) saw an increase of about 7.14% in its trading volume to reach approximately $265.56 million. At the same time, the value of SHIB dipped slightly by 2.09%, settling at around $0.00001407.

Potential price reset amid increased trading activity

The number of trades being made (trading volume) indicates an increase in market action for the meme coin, with both purchasers and vendors exchanging their positions. Based on the present trends, it seems a potential price adjustment may occur quite rapidly, which might result in either an increase or a decrease in value.

Shiba Inu might trigger its built-in mechanism that destroys coins to prevent further price drops and decrease the circulation supply. This move could lead to increased scarcity, helping the meme currency maintain or even increase in value, reaching a more stable or higher resistance point.

The latest ShibTorch burn project showcases the continued enthusiasm among major players for the expansion and growth of SHIB.

Conversely, the substantial decrease in Shiba Inu holdings by whale investors, indicated by a -1,115% net outflow over the past week, points towards them liquidating their positions. According to U.Today, these large-scale investors capitalize on market conditions to accumulate profits.

It seems that a wave of cashing out is sweeping through the larger crypto market, leading to a drop in prices. Specifically, Bitcoin and Ethereum have decreased by 3.42% and 3.04%, respectively. This downward trend has also affected Shiba Inu.

Shytoshi Kusama reassures SHIB community

As an analyst, I’ve noticed that Shiba Inu (SHIB) has been grappling with bearish trends ever since its lackluster performance commenced in June. Consequently, there’s a persistent expectation among investors for a long-lasting price recovery in this meme coin.

Recently, Shiba Inu’s burn rate has shown significant increases, but its deflationary mechanism hasn’t led to a more stable coin price yet.

As an analyst, I find myself remaining optimistic about SHIB‘s current low price, despite the general sentiment. The dedicated community members and I maintain hope, as the Shiba Inu team consistently encourages patience. Notably, Shytoshi Kusama has reassured us that the development team is diligently addressing the hurdles facing the meme coin, with a primary focus on fostering growth.

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2024-08-28 17:31