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Shiba Inu: 3,000,000,000,000 SHIB Drop Happens: Details
A sharp decline in trading volume has been observed on Shiba Inu (SHIB), with a staggering 50% drop in just a week. The token’s transaction count plummeted from an astonishing six trillion tokens traded in a single day to a mere 3.65 trillion, raising concerns about the cryptocurrency’s future prospects.
The recent price chart displays cracks, indicating that the sudden price plunge is not isolated to this event. In light of these developments, analysts are worried about the potential for additional decline unless whale activity improves and SHIB can firmly re-take the 200-day EMA (Exponential Moving Average).
Despite an earlier attempt to recover and push back above both the 50-day and 100-day EMAs, SHIB’s price failed to hold its ground against a rejection at the 200-day EMA. This phenomenon is often seen as a textbook distribution of a failed breakout.
Experts note that there is little chance this area will be held unless there is a significant increase in transaction flow. If the subsequent decline comes to pass, it may return to $0.000012 and potentially even the $0.000011 regions, erasing most of the gains from the July rally.
The sudden drop in token volume has sparked concerns about major players either quietly distributing their holdings or stepping aside.
Source: u.today
