The cryptocurrency market correction has put selling pressure on meme coins like Shiba Inu (SHIB).
The overall correction in the cryptocurrency market has led to intense selling pressure on meme coins like SHIB and other alternative cryptocurrencies.
Over the past twenty-four hours, the price of Shiba Inu (SHIB) has increased 5.4%, bringing it down to $0.00002404. The market cap of Shiba Inu is currently $14.17 billion. In addition to this, the daily trading volumes have increased by an astounding one hundred percent, surpassing $840 million.
Shiba Inu Whale Accumulation
Although there has been some selling pressure on Shiba Inus as a result of the overall market slump, the accumulation of whales has remained solid throughout the entire process.
Nine wallets, two of which belonged to whales, pooled together a total of $35.2 million to acquire an astounding 1.35 trillion Shiba Inu tokens, according to a recent update from Lookonchain.
The report also highlighted that four investors used a portion of their Ethereum holdings to buy Shiba Inu coins. They bought SHIB at a range of different entry points, with some purchasing it at a low of $0.00002557 and others purchasing it at a high of $0.00002620.
Conversely, we determined the average price of the purchase to be $0.00002596. According to a previous post, Lookonchain reported on the actions of a major Shiba Inu whale who had invested $18.44 million in SHIB.
On June 5th, this Crypto whale made a transaction in which it acquired 715.9 billion Shiba Inu tokens by exchanging 4,849 ETH tokens.
SHIB Price Action to Watch
The data provided by IntoTheBlock indicates that the level of $0.000026 constitutes a substantial selling wall that is preventing the rise of SHIB values.
At this point in time, 64,320 addresses have collectively acquired 69.74 trillion SHIB coins at an average price of $0.000026. When Shiba Inu approaches this price, these addresses tend to sell off their holdings, increasing the pressure on sellers.
A rise in the amount of selling pressure typically results in a price correction, as evidenced by the most recent movement in the market. As a result, SHIB has now retraced the majority of the gains made during its most recent rise, plunging below the level of $0.000026.
Despite the fact that there is a slight bearish trend, the Shiba Inu burn rate has undergone a stunning spike, which has captured the interest of the cryptocurrency enthusiast community.
Over the course of twenty-four hours, the burn rate increased by an amazing three thousand nine hundred percent, resulting in the removal of four million three hundred and three thousand SHIB tokens from circulation.
The fact that a single wallet address initiated this significant burn underscores the collaborative efforts of the community to decrease the quantity of SHIB in circulation.