Shiba Inu was among the assets that plummeted amidst the ongoing market slump. While publishing this content, the known meme coin changed hands at $0.0000128, following retracement after the latest sustained uptrends. SHIB lost more than 13% within the past day.
SHIB was massive green before this capitulation. Shiba Inu surged to $0.0000174 from $0.0000126 between August 15 and 15. Though some declines emerged, the alt sustained beyond $0.0000148 until August 18. While Bitcoin’s price slide contributed to this plunge, other events appeared.
Time to Redeem
Santiment data shows Shiba Inu and Dogecoin suffered from profit-booking by whales. The on-chain analytic site added that whales have indulged on the move as some sessions of the week noted profits. Also, SHIB data indicated that the transactions were in massive sums.
That would have triggered a capitulation, and the enormous drop wasn’t a surprise. Furthermore, the outcome could have been unsurprising as Ethereum whale trimmed their SHIB balances earlier.
Nevertheless, the Shiba Inu ecosystem had a positive update – burn rate. While a reduced burn rate triggered price surges nearly two weeks ago, the latest one brought a reverse. While publishing this post, the Shiba Inu burn rate had gained more than 225%, with over 224M SHIB tokens burned.
As anticipated, whale activity also impacted the token’s active addresses and volume. Santiment’s data indicated that Shiba Inu’s volume hovered at $4.35B on August 15 before plunging to press time levels below $900 million. Active addresses also printed a similar outlook, plummeting from 12,670 that day to 5,094 during this publication.
For Shiba Inu enthusiasts, hopping for upticks in the near term could appear logical soon. Its 4hr chart showed Shiba Inu has been sliding from August 18 until this publication. Also, the altcoin appeared ready to surrender the support at $0.00001262 after sliding from $0.0001437.
Also, the MACD (Moving Average Convergence Divergence) stayed well beneath the histogram’s zero mark, showing that sellers dominated. The selling strength also hovered beyond the buying volume. These indications show Shiba Inu will likely persist in the red.
You can share your thoughts in the comment section below.