The dog breed Shiba Inu close up on green grass
Shiba Inu coin is facing bearish pressure as the memecoin falls for the third consecutive trading session. The market for altcoins is facing a deep correction after Bitcoin failed to break above its Monday highs on Wednesday.
Shiba Inu coin also had a losing day as the price plunged 2.5%. On the same day, the Total3 market cap fell 0.45% which showed a pullback in major altcoins.
Today’s sell-off can be attributed to holders taking profits and selling their coins in the spot markets. This is evident from the rising dominance of the USDT, which increased by almost 1% on Wednesday.
Last week, the developers of Shiba Inu reported the burning of 1.4 billion tokens in October. Despite this number being 37% less than the September burn rate, the price of memecoin is still up 15% from its October lows.
The whales might be taking a strong interest in the Dog-themed meme coin as the data released by IntoTheBlock shows a spike in the on-chain activity of SHIB. The memecoin showed a whopping 1,172% spike in its large holding wallets. This means that there is a lot of buying activity going on which may result in a rally for Shib Inu coin price soon.
SHIB price had a strong rebound from the $0.00000760 demand zone in October and is currently consolidating above the key demand zone. The bulls must attempt a reclaim of the 200-day moving average as this may flip the Shiba Inu coin price prediction very bullish.
It is critical for the bulls to hold the $0.00000760 level for the price to continue its current local uptrend. Additionally, there also seems to be a great possibility of the memecoin hitting the $0.00001132 level on its chart which was the August 2023 peak. This move may occur before the end of this year.
This post was last modified on Nov 01, 2023, 21:12 GMT 21:12