BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History

Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History
Shiba Inu (SHIB) is still on a bull trend after its meteoric rise last week. The asset had rallied 266% and by the time the rally reached its peak, SHIB had grown over 400% in a matter of hours. Its sudden rise in price has been attributed to a number of things. One of the most prominent being the tweet by Elon Musk of his pet Shiba Inu which he had gotten last month. However, the price recovery had occurred at a point where the asset had been seeing massive amounts of coins dumped that led to a dip in its price. SHIB had hit a new six-month high at this point and sell pressures had mounted in the community. This was mostly due to the history of the meme coin which has no utility to speak of except the hype from its backers. SHIB Holders Dump Billions Santiment reported the digital asset had seen a record dump following its price rally. A reported 31.07 billion coins had been dumped by holders. Mostly from wallets that held between 1 million to 10 million SHIB in their wallets. Related Reading | FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase An interesting fact about this dump was that it had been mostly small traders who were dumping their bags. Contrary to expectations, Shiba Inu whales have mostly held their bags through the rally. While small-time traders shed their holdings onto micro traders. The dump patterns had shaken the price of the asset, causing its hold on its new highs to falter in the meantime. But this would prove to not have a lasting effect on the market given that the price of the digital asset had rebounded from its Thursday lows, with a green seven-day trading average of 83.45%. SHIB price falls to $0.000028 | Source: SHIBUSD on TradingView.com Shiba Inu Benefiting From The Altcoin Craze Bitcoin has shown investors the potential of investing in cryptocurrencies. But at its current value, investors have moved on to find what could be ‘the next bitcoin’ and altcoins have generally benefited from this sentiment. The push for short-term gains in the market is also a reason behind the success of meme coins like Shiba Inu. Over the long term, top cryptocurrencies like bitcoin and ethereum have proven to be the better choice. Altcoins, however, have shown the most promise with short-term gains, especially coins which are hype-driven. Related Reading | Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst Projects like these will experience significant price movements in reaction to things like a celebrity tweeting or posting about them. Investors can see massive gains from investing in these projects in just a matter of hours. But these coins crash as quickly as they had risen. Usually due to the hype around them dying down. Or in worst-case scenarios, the developers execute a rugpull and leave investors to deal with their now worthless coins. Featured image from CoinGecko, chart from TradingView.com

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News