Shiba Inu is currently trading at over 90% below its peak
The price of the Shiba Inu hit a 10-month low following the latest market selloff. The same cryptocurrency returned to a price range last seen in August 2021 after hitting intraday lows of $0.0000074 on June 14. Shortly after skyrocketing thousands of percent in May 2021, Shiba Inu refused to enter consolidation. From highs of $0.00004 hit in early May, Shiba Inu erased all gains to hit lows of $0.000006 the following month.
If history is any indication, Shiba Inu is known for its protracted periods of consolidation, the most notable of which lasted over five months in 2021 (from late May to late October). After this consolidation, Shiba Inu rallied thousands of percent to reach an all-time high of $0.000088 on Oct. 28, 2021.
Shiba Inu is currently trading more than 90% below its peak. If history were any guarantee, Shiba Inu could consolidate for a while as soon as the market reaches stability before the next major move. However, it should be kept in mind that historical returns do not guarantee future results.
SHIB was down about 11% at $0.00000856 at the time of publication, in line with recent crypto market crashes. Shiba Inu has recaptured the 16th spot in the cryptocurrency market capitalization rankings, pushing Avalanche to the 17th position.
297 million SHIBs burned in the last 24 hours
According to Twitter manage, in the last 24 hours, more than 239,535,584 SHIB tokens were burned and 11 transactions. According to the SHIB burn website, a total of 297,008,375 SHIBs have been burned since the last day. Shibarium, the long-awaited Layer 2 solution for the Shiba Inu ecosystem, may be launching soon, according to one of the project’s lead developers, Shytoshi Kusama.
Shiba Inu continues to see buying pressure from whales as the average balance of the top 100 Shiba Inu whales has slightly increased to 2.9 billion at press time. According to WhaleStats, the Shiba Inu holder count is at 1,180,440, showing an increase. The recent price decline has caused the average Shiba Inu value held by whales to drop.
Currently, the top 500 ETH whales “accumulate” $459,605,432 of SHIB.
