Сиба-ину [SHIB] fell to number thirteen in market value according to CoinMarketCap as the meme coin price plunged.
The altcoin, which has recently enjoyed moments of sustained rallies, was trading at $0.0000128 at press time. This price represented a 12.91% снижение from its 24-hour status.
Before the capitulation, SHIB was largely in the greens. Between 14 August and 15 August, SHIB increased from $0.0000126 to hit $0.0000174. Despite some decline, the altcoin was able to sustain a good level at $0.0000148 up until 18 August.
While the reason for this fall might have been related to the Биткойн [БТД] price decrease, other things occurred.
Time to redeem
According to Santiment, both Догикойн [DOGE] and Shiba Inu [SHIB] have both been the “victims” of profit-taking whales.
? #Dogecoin и # Шибаину оба испытали серьезные корректировки цен после своих соответствующих максимумов вторника и воскресенья. Как это часто бывает, киты предвещали идеальные моменты фиксации прибыли, когда объем их крупных транзакций резко увеличивался в каждой сети. https://t.co/6QoIoxkknt pic.twitter.com/p3BAMjcav1
- Сантимент (@santimentfeed) 19 августа 2022
The on-chain analysis platform also mentioned that it was a routine for the whales, especially as some parts of the week produced profits.
SHIB data further revealed that these transactions were in large sums. This, obviously, would have led to a capitulation, and the drastic fall was not surprising.
Additionally, the outcome may have been unsurprising as Эфириум [ETH] киты были демпинг their SHIB holdings earlier.
Источник: Сантимент
However, there was a positive update to look at around the SHIB ecosystem—the burn rate. While a снизилась burn rate led to a price uptick about two weeks back, the recent one did the reverse.
At press time, the SHIB burn rate had выросли over 225% with over 224 million SHIB burned.
Источник: Шибберн
As expected, the whale activity also пострадавших SHIB’s volume and active addresses.
A look at Santiment showed that SHIB’s volume which was about $4.35 billion on 15 August was now less than $900 million.
The active addresses also followed a similar pattern, moving from 12,670 on the aforementioned date to 5094 at press time.
Источник: Сантимент
Так что же дальше?
For SHIB investors, hoping for an uptick in the short term might sound too soon. Its four-hour chart revealed that SHIB had been losing since 18 August up till the time of writing.
In fact, it was almost losing the $0.00001262 support after falling from the $0.0001437 level.
Also, the Moving Average Convergence Divergence (MACD) was massively below the zero level of the histogram, showing that the sellers were in control.
The selling momentum (orange) also remained above the buying pressure (blue). With all of these indications, SHIB is likely to remain in the red.
Источник: TradingView
Source: https://ambcrypto.com/will-history-repeat-itself-for-shiba-inu-long-term-holders/