After the latest market sell-off, the price of Shiba Inu has fallen to a 10-months low. The meme-inspired currency reached intraday lows of $0.0000074 on June 14 after which it returned to a price range last seen in August 2021.
Shiba Inu made the decision to dive into consolidation soon after skyrocketing thousands of percent. In early May the dogecoin killer reached highs of $0.00004 only to wipe off all its gains to hit lows of $0.000006 the following month.
Looking at the history of Shiba Inu, the popular digital asset is known for its protracted periods of consolidation. A consolidation period that lasted for more than five months from late May to late October was the most notable. Following this consolidation, Shiba Inu surged by thousands of percent to reach an ATH of $0.000088 on Oct. 28, 2021.
Currently, Shiba Inu’s price is at least 90% below its peak. Shiba Inu might consolidate for some time as soon as the market reaches stability before the next crucial step, if history were to be repeated. However, it needs to be noted that the historical returns do not guarantee future results.
At the time of writing, the price of SHIB was $0.000008, up 4.08% in the last 24 hours. Currently, it is the 17th leading cryptocurrency by market cap in the world.
As of Wednesday, more than 239,535,584 SHIB tokens were burned and 11 transactions happened in the span of just 24 hours. A total of 297,008,375 SHIB were burned as per the data from the SHIB burn website.
Shytoshi Kusama, one of the project’s lead developers, informed that the much-awaited Layer 2 solution of the Shiba Inu ecosystem, Shibarium, could launch soon.
Meanwhile, Shiba Inu continues to experience buying pressure from whales with the average balance of the top 100 Shiba Inu whales surging to around 2.9 billion, at the press time. The Shiba Inu holder count is at 1,180,440. The Shiba Inu value held by whales experienced a drop due to the recent price decline.
The top 500 ETH whales are “hodling” SHIB worth around $459,605,432.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/06/16/shiba-inu-to-repeat-historical-trend-of-protracted-periods-of-consolidation-as-price-drops-to-ten-month-lows/