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Shiba Inu (SHIB) Price: Memecoin Drops to 13-Month Low Below $0.00001 Threshold
The price of Shiba Inu (SHIB), a popular memecoin, has plummeted to a 13-month low below the $0.00001 threshold, sparking concerns among investors and analysts alike. The drastic decline follows a significant whale purchase by an individual or group of whales, which could be viewed as a buying opportunity in the current market.
According to Whale Alert’s data, an anonymous buyer purchased a massive 874 billion SHIB tokens, valued at approximately $10.4 million at current prices. This substantial purchase has led many to speculate that the memecoin is now being accumulation by large-scale investors, which could potentially turn the tide in its favor.
In a surprising twist, SHIB’s exchange netflow recorded a staggering 156.65 billion SHIB outflow, indicating a massive exodus from exchanges. While this might seem like a bearish sign at first glance, it can also be interpreted as an indication of accumulation patterns. As more tokens are moved away from exchanges and into cold storage or other off-exchange wallets, the market may be witnessing a subtle shift in sentiment.
From a technical perspective, SHIB’s chart shows mixed signals. The memecoin recently broke out of a falling wedge pattern, which could indicate the start of a new bullish phase. However, the RSI reading at 34.90 suggests that the asset is still trading near oversold territory, potentially paving the way for a rebound.
The Shiba Inu burn rate has also slowed down dramatically over the past week, with a whopping 82% drop in token burns compared to the same period last year. This unexpected slowdown has led many to wonder if SHIB’s momentum is waning or simply experiencing a temporary pause.
Despite the recent downturn, Shiba Inu’s price structure and accumulation patterns suggest that it may be consolidating rather than losing steam completely. Long interest remains strong, with only 0.67% of addresses holding tokens at the money, while long liquidations have increased to $305.51K compared to short liquidations of $85.73K.
While the market’s response to this sudden drop in burn rate and SHIB’s overall price action will determine its future trajectory, whales continue to view the current geopolitical unrest as a buying opportunity.
Source: https://blockonomi.com/shiba-inu-shib-price-memecoin-drops-to-13-month-low-below-0-00001-threshold/
