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Home » SHIB Is Expected To Drop Even Deeper, Leading To The Largest Loss Witnessed By SHIB Holders In 3 Years

SHIB Is Expected To Drop Even Deeper, Leading To The Largest Loss Witnessed By SHIB Holders In 3 Years

Hania by Hania
June 30, 2023
in Altcoin News
Reading Time: 2 mins read
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Shiba Inu (SHIB) Records 5% Jump as Shibarium Pessimism Fades Away
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  • Shiba Inu prices have been disappointing investors in recent weeks, remaining under $0.0000080.
  • This is the biggest loss reported by SHIB holders in the last three years, with more than 84% of investors underwater.
  • The whales, who control 66% of the 589 trillion SHIB in circulation, do not support SHIB.

Shiba Inu’s pricing maintained its negative trend on Thursday by failing to overcome a significant barrier. Holders of SHIBs are sinking farther into a hole of losses with each passing day, and the only thing keeping them out of it is that they have been doing nothing for weeks.

This cohort is necessary for the Shiba Inu (SHIB) price surge

Shiba Inu’s price has dropped by almost 10% in the past week and is currently trading at $0.0000073 after failing to turn the $0.0000079 resistance level into support. Prior to this month, this line, which served as the meme coin’s support floor since December 2022, was last broken below in June 2022. 

For the Shiba Inu price to break beyond $0.0000080 and begin a recovery toward $0.0000100, it is imperative that it close above this line. Trillions of SHIB are present up to and beyond this price point, waiting for a trigger that will allow their holders to earn a profit. 

SHIB Is Expected To Drop Even Deeper, Leading To The Largest Loss Witnessed By SHIB Holders In 3 Years

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Millions of investors are now underwater, or 84.59% to be exact, due to the lack of the same. Losses for SHIB holders are at a 3-year high as a result of the cryptocurrency’s severe losses, which have had a negative impact on it.

SHIB Is Expected To Drop Even Deeper, Leading To The Largest Loss Witnessed By SHIB Holders In 3 Years

These losses might increase if the altcoin continues to drop, as it actually seems to be doing. The Moving Average Convergence Divergence (MACD) indicator is gradually approaching a bearish crossover, and the histogram shows that green bars are decreasing, which suggests that bearishness is decreasing.

The Relative Strength Index (RSI) is now negative as well, but if the indicator is able to turn the neutral line into support, it may show signs of improvement.

But it would need more than broad market cues to do so, specifically receive backing from its investors. The whale cohort, which manages roughly 66% of the total amount of SHIB in circulation, hasn’t shown any movement lately, therefore the Shiba Inu price is totally up to the retailers.


SHIB Is Expected To Drop Even Deeper, Leading To The Largest Loss Witnessed By SHIB Holders In 3 Years

To make matters worse, retail traders are more likely to act only when and if the whales are active in order to earn significantly from it. So long as its investors are silent, the meme coin will continue to be susceptible to a fall.

 

Tags: Meme coinprice analysisshib newsShiba Inu (SHIB)
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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