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Shiba Inu Price Drops to Ten-Month Lows, Indicating This Historical Trend

Wed, 06/15/2022 - 15:42
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Tomiwabold Olajide
Shiba Inu is currently trading at over 90% below its peak
Shiba Inu Price Drops to Ten-Month Lows, Indicating This Historical Trend
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Shiba Inu's price has reached 10-month lows following the latest market sell-off. The meme cryptocurrency returned to a price range last seen in August 2021 after reaching intraday lows of $0.0000074 on June 14. Shortly after skyrocketing thousands of percent in May 2021, Shiba Inu declined to enter consolidation. From highs of $0.00004 reached in early May, Shiba Inu erased all gains to hit lows of $0.000006 the following month.

If history is any indication, Shiba Inu is known for its protracted periods of consolidation, the most notable of which lasted over five months in 2021 (from late May to late October). After this consolidation, Shiba Inu rallied thousands of percent to reach an all-time high of $0.000088 on Oct. 28, 2021.

Shiba Inu is currently trading at over 90% below its peak. If history were a guarantee, Shiba Inu might consolidate for a while as soon as the market attains stability before the next major move. However, it should be borne in mind that historical returns do not guarantee future results.

SHIB was down about 11% at $0.00000856 at the time of publication, in line with recent crypto market crashes. Shiba Inu has recaptured the 16th spot in the cryptocurrency market capitalization rankings, pushing Avalanche to the 17th position.

297 million SHIB burned in the last 24 hours

According to the shibburn Twitter handle, in the past 24 hours, there have been over 239,535,584 SHIB tokens burned and 11 transactions. From the SHIB burn website, a total of 297,008,375 SHIB have been burned since the last day. Shibarium, the much-awaited Layer 2 solution of the Shiba Inu ecosystem, may soon launch, according to one of the project's lead developers, Shytoshi Kusama.

Shiba Inu continues to see buying pressure from whales as the average balance of the top 100 Shiba Inu whales has slightly increased to 2.9 billion at press time. According to WhaleStats, the Shiba Inu holder count is at 1,180,440, showing an increase. The recent price decline has caused the average Shiba Inu value held by whales to drop.

Presently, the top 500 ETH whales are "hodling" $459,605,432 worth of SHIB.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.