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The move by investors to dump such massive amounts of supply ago would scare any crypto. Perhaps not Shiba Inu. The canine-themed token boasts over 400 trillion in overall supply and has formed a reputation for suffering for its investors. And SHIB enthusiasts may maintain their tradition this time.
SHIB Encounters Threats
Shiba Inu investors are known for scooping the token when prices are low & selling whenever the alt sees profits. The meme token has observed such tendencies in the past. And staying at 8-month lows means any SHIB hike is a profit-booking opportunity. Considering recent price movements, Shiba Inu investors might be profit-hungry to waver to leaving the asset high and dry.
The meme coin has plunged by 64.3% within the past two months, and enthusiasts have accumulated nearly 1.02 trillion Shiba Inu worth $10.6 million. The investors hope to sell when the alternative token kick-starts rallies.
Generally, Shiba Inu’s volatility helps the token record swift upticks and steep declines each day. For now, all indicators confirm gradual price declines as upward movements lost momentum days ago, translating to bearish control.
These tendencies had Shiba Inu recording its highest 1-day loss in over a year on May 31, when market players conducted 3.71 trillion Shiba Inu transactions at a loss. Such developments discouraged on-chain participation by investors. That’s a worrisome development for a token that relies on its community.
Shiba Inu holders presented a waning presence as prices started declining after the May all-time high. That led to a significant decline in completed transactions. From around 70K on average, the transfers plunged to 4.5K (at this publication).
Considering investors’ faded commitment toward SHIB growth, it’s unlikely they won’t sell the accumulated 1 trillion tokens. Moreover, that accounts for around 0.25% of Shiba Inu’s overall supply.
Meanwhile, the crypto market remains weak, discouraging investors. The marketplace stayed nearly dormant within the previous 24 hours. While writing these lines, the global cryptocurrency market capitalization stood at $1.24 trillion, gaining 0.19% in a day. Also, BTC gained 0.04% to $30,333. Sellers remain in the front seats, and investors would hunt for profits amidst any opportunity.