Investors Drive Down Shiba Inu’s Price

Investors Drive Down Shiba Inu's Price

Shiba Inu (SHIB), the popular meme token and rival of Dogecoin (DOGE), has seen a decline in price amid the market downturn and Bitcoin's (BTC) price fluctuations.

Selling Transactions Rise

Increased selling transactions in the cryptocurrency market have undermined investor confidence and contributed to SHIB's price drop. Additionally, the total token supply on exchanges has reached a six-month peak due to long-term holders transferring their tokens.

Support Level in SHIB

Despite the decline, SHIB has held above the crucial support level of $0.00002093, which it last breached in April. Experts believe that a break below this level could lead to a further decrease in price, potentially reaching $0.00002000.

However, if the support level holds, SHIB may enter a recovery phase and continue its consolidation. A successful breach of this level would invalidate the bearish thesis.

Additional Factors

Other factors potentially contributing to SHIB's price drop include:

• Increased age consumption metric, indicating token movement
• Failed attempt to exceed $0.00002584, leading to consolidation

Overall, the market conditions and the rise in selling transactions have driven down Shiba Inu's price, but the support level remains a critical factor in determining its future trajectory.