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Shiba Inu Torches Over 15 Million SHIB as Price Crashes Further
Despite a recent burn event, the Shiba Inu (SHIB) market has seen a significant decline in value. The token’s price plummeted by over 6.4% in the last 24 hours to $0.00001504, with weekly and monthly losses reaching 18.9% and 30.7%, respectively.
The failure of the latest burn event to have a positive impact on the token’s price may indicate that investors are less enthusiastic about SHIB at this time. In the past, similar events have been followed by significant increases in value, but it seems that market sentiment is currently bearish.
Interestingly, whale activity has increased significantly on Kraken, with 1.24 trillion SHIB being withdrawn from the exchange. This massive outflow could potentially be a sign of investors preparing to take advantage of future price movements.
Despite this negative trend, the 24-hour trading volume is up 22.05% to $378.8 million, which may indicate that some investors are still willing to bet on SHIB’s potential recovery. A spike in trading volume can sometimes precede a price surge as market momentum builds.
It remains to be seen whether this sentiment shift will continue or if the token will eventually recover and retest its previous highs.
Source: https://u.today/shiba-inu-torches-over-15-million-shib-as-price-crashes-further
