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Over 1 Trillion Shiba Inu (SHIB) Dumped on Turbulent Crypto Market

Thu, 04/27/2023 - 11:13
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Gamza Khanzadaev
Big bears sell millions of dollars worth of SHIB during market turmoil
Over 1 Trillion Shiba Inu (SHIB) Dumped on Turbulent Crypto Market
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Yesterday, more than 1.4 trillion Shiba Inu tokens were sold off by large investors, as reported by crypto intelligence portal IntoTheBlock. The sell-off was triggered by a false report that the U.S. government was selling confiscated Bitcoins, leading to panic among trading firms and causing the crypto market to crash.

False Alarm: Did Erroneous Bitcoin Alert Lead to 8% Price Crash?

The sell-off came at a time when the gap between large purchases and sales was only 26.1 billion SHIB, indicating that yesterday would have been a more bullish day for investors. However, the token's price dropped by 8% within an hour, which acted as a trigger for the sell-off.

Bears rule Shiba Inu

The price action of the Shiba Inu token remains under bearish dictates. The current ratio of sellers vs. buyers is also not in favor of the token, with 130 sellers for every 121 buyers. It is important to note that only addresses that have traded at least 1% of the total SHIB trading volume are taken into account when determining this ratio.

3.1 Trillion Shiba Inu (SHIB) at Risk as Voyager Deal Fails

It is uncertain how the Shiba Inu token will perform in the future, but the false report that caused the recent sell-off highlights the importance of staying informed and cautious on the crypto market. It remains to be seen how the market will react to this sell-off, and whether or not it will recover at least to last week’s levels.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.