Selling off one trillion SHIB may or may not rescue Shiba Inu investors from pushing the price lower
Shiba Inu is creating some heated moments and tension in the highly volatile cryptocurrency market. This memecoin is incurring huge losses, even after its owner, Ryoshi, left his presence on social media platforms. SHIB tokens are dropping day by day forcing Shiba Inu investors to incur losses in their crypto wallets in 2022. The cryptocurrency market is set to observe some more fall in the cryptocurrency price of the memecoin in this bearish market. Thus, Shiba Inu investors have decided to sell off around one trillion SHIB tokens to get over the trust issues regarding the cryptocurrency price.
SHIB may have started as a memecoin, but it was transformed into one of the popular cryptocurrencies within a short period of time. The memecoin was created in August 2020 by Ryoshi to mimic Dogecoin and make fun of crypto investors. But in reality, this memecoin gained millions of Shiba Inu investors in the market as it was launched on the Ethereum blockchain. Shiba Inu investors are predicting that the drop in the cryptocurrency price is due to the selling of SHIB at a vast amount by multiple Shiba Inu whales in recent times.
SHIB experiencing downfall
Shiba Inu investors are not worried about the decision of selling off 1 trillion SHIB because the memecoin is known for supplying over 400 trillion SHIB. All these Shiba Inu investors have started a strategy of collecting a good amount of SHIB when the cryptocurrency price is low as well as selling memecoin tokens when there is an opportunity of driving profit. But SHIB token is not showing any future predictions of driving profit in the cryptocurrency market. It is showing its lowest memecoin price to Shiba Inu investors for eight long months. It has been observed that Shiba Inu has experienced a major drop of around 64.3% even if Shiba Inu investors have accumulated approximately 1.02 trillion worth US$10.6 million.
The after-effect of the downfall of the memecoin
Shiba Inu is known as the highly volatile memecoin that helps it to experience a major hit or major drop almost every alternate day. The bearish market tends to influence the price of the memecoin in this highly volatile market. It has shown the highest single-day losses in over a year at the end of May 2022. There were about 3.71 trillion SHIB tokens were involved in financial transactions related to the loss of Shiba Inu investors. In this way, this memecoin is losing the number of investors because it restricted them from participating on-chain. There has been a tremendous decline in conducting financial transactions with this particular cryptocurrency in recent times. Selling off one trillion SHIB can turn out to be a positive side for the memecoin because it amounts to just less than 0.25% of the total supply in this cryptocurrency market.
Following the Shiba Inu burning initiative
The burning strategy of these memecoin tokens has increased by 113% with the burning of approximately 228.10 million SHIB. According to the Shibburn portal, 410.36 trillion memecoins have been destroyed till date by Shiba Inu investors across the world. There are many different projects that have helped to implement this Shiba Inu burning strategy successfully with a total of 1.1 billion tokens. The main aim is to reduce the supply of this cryptocurrency to create more demand among Shiba Inu investors. But recently, the continuous downfall is leading to the loss of crypto investors from across the globe.
The burning sensation of the cryptocurrency
The global cryptocurrency market is anxious to watch Shiba Inu investors selling off one trillion memecoin tokens with several issues such as high volatility, scalability, flexibility, speed, and many more. It is also behind some of the top cryptocurrencies in the decentralized applications or DApps market. The bearish market for this cryptocurrency is only helpful for short-term investment for crypto investors to hope for some profit in the nearby future.
