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1.9 Trillion SHIB in 24 Hours: What’s Really Happening?
As the crypto market experiences unprecedented fluctuations, it is crucial to separate fact from fiction and provide insightful analysis. In this context, we will discuss Solana’s (SOL) recent performance.
The crypto community has been left stunned by Solana’s abysmal performance over the past 24 hours, with a staggering $1.9 trillion SHIB in circulation. This enormous number is a cause for concern among investors, and many are questioning whether this sudden influx of funds will lead to further price corrections or if it’s simply a case of market manipulation.
According to Tom Burniske, a prominent analyst in the crypto space, “Large unlocks have historically caused price corrections as some investors choose to sell off newly available tokens out of concern for future drops.” This statement highlights the possibility that market psychology may be playing a role in SOL’s recent decline.
However, Burniske also notes that Solana is likely to get through this difficult period by leveraging its robust ecosystem and expanding user base. He believes that SOL will recover if it can regain the declining trendline around $225 and gain upward momentum.
In conclusion, while the sudden surge of SHIB in circulation has caused an initial price correction for SOL, it may not be the sole reason behind the token’s decline. The crypto community should take into account the market psychology as well as Solana’s strong fundamentals before making any investment decisions.
Stay tuned for more information on this developing story!
Source: u.today
