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Shiba Inu (SHIB) Risks Crash Amid Massive Selloff

The Shiba Inu (SHIB) price continues to decline in response to rapidly changing bearish market conditions.

A rise in sales and a decline in confidence among SAIB holders will likely trigger a correction.

Shiba Inu Investors Lose Their Optimism

This may decrease Shiba Inu Price In the coming days, SHIB holders will continue to sell their holdings. Total supply on the stock market increased sharply, reaching its highest level in six months.

Over the past 48 hours, wallets across all exchanges have increased by over 4.66 trillion SHIB. This $103 million offering was sold by investors looking to secure the gains they had accumulated. The sell-off could also result from investors recouping their losses.

Offer Shiba Inu in exchanges.
Supply of Shiba Inu during exchanges. Source: Feeling

This feeling of avoiding further losses has also extended to some of the safest investors. Long-term holders, known for their flexibility, move their assets.

Over the past few days, several spikes have been observed in the age measurement. This metric calculates the total number of days lost by multiplying the total transferred bid by the total number of days since the last move.

Highs indicate large amounts of supplies or very old moving parts, both of which are bearish for the asset.

Read more: Shiba Inu (SHIB) Price Forecast for 2024, 2025, 2026, 2027

Age of the Consummate Shiba Inu.
Age of the Consummate Shiba Inu. Source: Feeling

We therefore see that the price of the Shiba Inu is decreasing for these reasons.

SHIB Price Prediction: Recent Support

Shiba Inu price actually failed to break $0.00002584 and fell out of consolidation between that level and $0.00002267. The meme coin is now heading towards the critical support at $0.00002093, which has not been broken since April.

There is a possibility of a fall below, which could send SHIB to $0.00002000. This would represent a multi-month low for the asset.

Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu Price Analysis.
Shiba Inu Price Analysis. Source: Commercial view

But if Shiba Inu price rebounds from $0.00002093, it could recover a bit. This will lead to further consolidation of SHIB, which will also invalidate the bearish thesis.

الأسواق,Shiba Inu,العملات الرقمية,العملات المشفرة