Crypto News

Shiba Inu Sees Significant Dip Amid Market Turbulence

Shiba Inu, the second-largest memecoin in the cryptocurrency market, has encountered a notable downturn in recent hours, witnessing a 6% decline in its value today.

According to data from Spotonchain, a collective of eleven wallets, likely representing a single whale investor, collectively offloaded 533.6 billion SHIB tokens for 15.99 million DAI at an average price of $0.00003 over the past 48 hours.

Interestingly, these wallets initially acquired their SHIB holdings with 7.75 million DAI at an average price of $0.00001453 on March 1, 2024. In less than a month, they have now realized a combined profit of $8.24 million, marking a significant increase of 106%.

Shiba Inu Burn Rate Continues Increasing Rapidly

In a parallel development, the supply of Shiba Inu experienced a notable reduction, with a total of 15,644,329,668 SHIB coins being transferred to unspendable wallets last month. This surge in unspendable transfers has contributed to a remarkable 2,330% increase in the total monthly SHIB burn rate.

These developments underscore the dynamic nature of the cryptocurrency market, where rapid price fluctuations and strategic movements by large investors can significantly impact the value and trajectory of meme coins like Shiba Inu. 

Investors and enthusiasts alike are closely monitoring these trends as they navigate the ever-evolving landscape of digital assets.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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