According to the cryptocurrency intelligence portal IntoTheBlock, large investors sold off more than 1.4 trillion Shiba Inu tokens yesterday. A false rumour that the American government was selling Bitcoins that had been seized started the sell-off, which in turn caused trading companies to panic and crashed the cryptocurrency market.
The sell-off came at a time when the gap between large purchases and sales was only 26.1 billion SHIB, indicating that yesterday would have been a more bullish day for investors. However, the token’s price decreased by 8% within an hour, which worked as a catalyst for the sell-off.
Bears rule Shiba Inu
The price behaviour of the Shiba Inu coin remains under bearish dictates. The current ratio of sellers vs. buyers is likewise not in favor of the token, with 130 selling for every 121 purchasers. It is crucial to keep in mind that only addresses with at least 1% of the total SHIB trading volume are included when calculating this ratio.
The future performance of the Shiba Inu coin is unclear, but the erroneous article that sparked the current sell-off emphasises how crucial it is to remain knowledgeable and careful when dealing with cryptocurrencies. The market’s response to this sell-off and whether it will bounce back at least to last week’s levels are still to be seen.
