Ethereum

2024

Drops

Shiba Inu

The crypto market is currently experiencing a spin as investors flee the market ahead of an upcoming U.S. inflation report. At the time of writing, Bitcoin, the largest digital asset, has dropped by 3.41% to $67,231, while Ethereum also dropped 5% to trade at $3,486.&nbsp; 
While the renewed selling pressure hints at a prolonged correction for major altcoins, the memecoin sector was hit particularly hard. Shiba Inu (SHIB), the second-largest meme-coin by market cap, was not spared 
<h2 class="wp-block-heading" id="shib-price-drops-as-whales-take-profits">SHIB Price Drops as Whales Take Profits</h2> 
Earlier today, data from Data Nerd showed that 10 large SHIB wallets deposited a staggering 4.29 trillion SHIB tokens (worth around $97.33 million) on the Coinbase exchange over the past day. These whales had accumulated their SHIB holdings in September 2021 and March 2024 at an average price of $0.00001309.&nbsp;&nbsp; 
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 5 hour ago, 10 wallets deposited 4.29T <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$SHIB</a> (~$97.33M) to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Coinbase</a> 10 above wallets have the same movements: ✅Those <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$SHIB</a> were accumulated in 2 different times: Sept 2021 and March 2024 ✅The avg entry is $0.00001309 👉 the profit will be $41.22M if sold all at current price <a href="https://t.co/CYsMhYkgfc" target="_blank">pic.twitter.com/CYsMhYkgfc</a>— The Data Nerd (@OnchainDataNerd) <a href="https://twitter.com/OnchainDataNerd/status/1800427511890993545?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 11, 2024</a>
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With SHIB currently trading at $0.0000215, these investors are likely to cash out for a decent $41.22 million in profit This elevated sell pressure on SHIB worsened its decline, resulting in it losing almost a quarter within a day while its market capitalization dropped to about 12.6 billion dollars. 
<h2 class="wp-block-heading" id="can-shib-regain-its-footing">Can SHIB Regain Its Footing?</h2> 
Despite the heavy selling, SHIB still holds above key support at $0.0000206, which coincides with a 61.8% Fibonacci retracement level. If buyers can defend this level, they could regain control and target a 53% rebound to $0.000045. 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcfEowi4kWejBD7IuJ1yg-OrfghRglAgZD7U6lnHsWQIhMOYWx_2K_alXsmtHA5gjHj8-gt8g3-6af6YThquUhOeRvpkdMYhvkfY83878LCef6GPcsmHgZ6y3zTPW_81JE2MLIqZti_q0NfoZRpkss1j44G?key=inD5JvpYz6nIF3KwwB3vDQ" alt="AD 4nXcfEowi4kWejBD7IuJ1yg OrfghRglAgZD7U6lnHsWQIhMOYWx 2K alXsmtHA5gjHj8 gt8g3 6af6YThquUhOeRvpkdMYhvkfY83878LCef6GPcsmHgZ6y3zTPW 81JE2MLIqZti q0NfoZRpkss1j44G?key=inD5JvpYz6nIF3KwwB3vDQ">
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 <span style="font-size: 11pt; font-family: Arial, sans-serif; background-color: transparent; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; vertical-align: baseline;">Shiba Inu’s current rate according to <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noreferrer noopener nofollow"><span style="font-size: 11pt; font-family: Arial, sans-serif; color: rgb(17, 85, 204); background-color: transparent; font-weight: 400; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline;">CoinMarketCap</a>
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However, a breakdown below $0.0000206 could open the floodgates for another deep selloff in the meme coin. Market sentiment remains fragile ahead of this week’s crucial U.S. inflation data release. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/11/gamestop-tumbles-60-triggering-meme-sector-panic/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/06/11/gamestop-tumbles-60-triggering-meme-sector-panic/" rel="noreferrer noopener">GameStop Tumbles 60% Triggering Meme Sector Panic</a> 
</blockquote>

Shiba Inu Declines 25% in Two Weeks Amid Slump in Crypto Market

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