Crypto News

Shiba Inu Token, $SHIB Faces Bearish Trend As Traders Take Profits Following Recent Surge

The Ethereum-based memecoin, $Shib, has encountered a bearish trading week, marking a notable downturn after experiencing significant value gains in previous weeks.

Today, $Shib saw a 10% decline in its value, further reflecting a broader negative trend observed over the past seven days, with a cumulative loss of 17%. On-chain reports suggest that this downturn may be attributed to profit-taking activities among investors following the previous surge in prices.

In recent hours, notable activity involving $Shib has been observed within the cryptocurrency space. Two addresses associated with Justin Sun have been engaged in trading $SHIB tokens, shedding light on the current market dynamics surrounding the token.

Address 0x176…0a132 initiated a transaction by recharging 30 billion $SHIB tokens to the Poloniex multi-signature address, amounting to approximately US$900,000. This move indicates continued movement of $SHIB tokens within the cryptocurrency ecosystem.

More Whale Wallets Executing $SHIB Token Sell Orders

Additionally, address 0x9FC…c19Fe executed a sell-off of 7 billion $SHIB tokens directly on the blockchain. The tokens were sold at an average price of $0.00003032, resulting in a profit of $145,000. This transaction highlights the ongoing trading activity and profit-taking strategies being employed by market participants amidst the current market conditions.

As of now, $Shib is trading at $0.0000292, reflecting the impact of recent market movements and investor sentiment on its price dynamics.

The bearish trend observed in $Shib serves as a reminder of the volatility inherent in the cryptocurrency market and underscores the importance of closely monitoring market developments and making informed investment decisions. As stakeholders navigate through fluctuating prices, maintaining a balanced approach and staying informed about the underlying factors influencing $Shib’s performance remain crucial.

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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