Shiba Inu (SHIB) has been experiencing significant selling pressure in recent weeks. Read it on to know more.
- SHIB has been experiencing vast selling pressure.
- Developers have been distributing large amounts of the tokens to various wallets.
Shiba Inu (SHIB) has been experiencing significant selling pressure in recent weeks. After hitting $0.00001018 in early May, the token has been on a downward trend, causing concern among its investors.
At the time of writing, SHIB was trading at round $$0.000008885 , a far cry from its all-time high of $0.000088. The token’s marketcap has also taken a hit, dropping from over $12 billion to around $3.3 billion.
The selling pressure on SHIB can be attributed to a number of factors. Firstly, the broader cryptocurrency market has been experiencing a downturn in recent weeks, with many major cryptocurrencies experiencing significant losses. Bitcoin, and other major cryptos like Ethereum, Binance Coin, and Dogecoin have also seen significant losses.
Moreover, there has been an increase in supply of SHIB tokens. The developers behind the token have been distributing large amounts of the tokens to various wallets and exchanges. This has led to concerns of oversupply and dilution of the token’s value.
All-in-all, there has been a lack of significant positive news or developments surrounding SHIB. Unlike other cryptos, like Bitcoin and Ethereum, which have seen increased adoption and institutional interest in recent months, SHIB has not seen any major developments that could drive its value up.
Despite the selling pressure, there are still some bullish indicators for SHIB. Firstly, the token is still relatively new. This means that it is still in the early stages of its development and adoption. Secondly, SHIB has a large and active community of supporters, which could help to drive its value up in the future.
In order for the bullish indicators to take effect, however, the selling pressure on SHIB will need to be reversed. This will require a significant increase in buying volume and positive news or developments that can drive the token’s value up.
Overall, while the current selling pressure on SHIB is cause for concern, there are still reasons to be optimistic abou the token’s future. Its active community, as well as upcoming develoopments like ShibaSwap, could help to reverse the current trend and drive the token’s value up in the long term.