The price of Shiba Inu has reached a 10-month low after fresh selling in the market. The meme cryptocurrency last returned to the price range in August 2021 after reaching an intraday low of $0.000074 on June 14. Soon after skyrocketing thousands of percent in May 2021, the Shiba Inu refused to enter consolidation. From the early May high of $0.00004, the Shiba Inu erased all gains to reach a low of $0.000006 the following month.
If history is any indication, the Shiba Inu is known for its long periods of consolidation, the most notable of which lasted five months (late May to late October) in 2021. Following this consolidation, the Shiba Inu rose by thousands of percent to an all-time high of $0.000088 on October 28, 2021.
The Shiba Inu is currently trading at 90% below its peak. If history were to guarantee, the Shiba Inu could consolidate for some time, as the market regains stability before the next big move. However, it should be kept in mind that historical returns do not guarantee future results.
At the time of publication, SHIB was down about 11% to $0.00000856, which was in line with the recent crypto market crash. The Shiba Inu has retaken the 16th spot in the cryptocurrency market capitalization ranking, pushing the avalanche to the 17th spot.
297 million SHIB burned in the last 24 hours
according to Shibburn Twitter Handle, in the last 24 hours, more than 239,535,584 SHIB tokens have been burned and 11 transactions have taken place. From the SHIB Burn website, a total of 297,008,375 SHIBs have been burned since the last day. Shiberium, the much-anticipated Layer 2 solution of the Shiba Inu ecosystem, may launch soon, according to Shiotoshi Kusama, one of the lead developers of the project.
top 500 #ETH catching a whale
Whale leaderboard https://t.co/tgYTpOm5ws pic.twitter.com/G0Sgf1MSnZ– WhaleStats – BabyWhale ($BBW) (@WhaleStats) 15 June 2022
Whale buying pressure on the Shiba Inu continues as the average balance of the top 100 Shiba Inu whales has risen slightly to 2.9 billion at press time. According to WhaleStats, the Shiba Inu holder number stands at 1,180,440, indicating an increase. The recent price drop has led to a drop in the average Shiba Inu value kept by whales.
Currently, top 500 ETH Whale $459,605,432 of the value of SHIB are “holding”.