Shiba Inu Records Historical Dump Following +350% Rally

11 October 2021 | Updated: 11 October 2021

After recording a sharp +350% rally under seven days in early October, Shiba Inu (SHIB) suffered a 41% drop amid the token’s largest dump in its trading history, Santiment reports. Following its Binance listing in May, SHIB recorded a 250% pump but later suffered a 50% drop in two days. However, the recent 40% decline occurred in a single-day candle.

According to on-chain data, small accounts holding between 1 – 10 million coins triggered the retrace. Reports show that this group of holders dumped over 30 billion SHIB directly into the market, which exerted immense selling pressure. Because of the number of over-leveraged positions in the market and the recent parabolic bull run, SHIB lacked solid support zones in the order books.

However, SHIB has recovered halfway from the recent retrace over the past 24 hours. The dumped 30 billion tokens got mopped up by ‘micro traders’ that set buy orders after witnessing the parabolic growth of the coin.

Nonetheless, SHIB remains a highly leveraged and volatile asset, with its volume on derivative products at high levels. Reports show that an immense amount of leveraged positions on SHIB trading pairs could have exacerbated the retrace.

Key Shiba Inu Levels to Watch — October 11

As mentioned earlier, Shiba Inu recorded a sharp drop from the $0.000035 barrier as traders took profits off the table. Subsequently, we saw a bullish charge towards the $0.000030 psychological level, followed by another rejection to the $0.000025 low on Saturday.

SHIBUSD – 4- Hour Chart

Today, SHIB has retested the $0.000030 resistance but failed to post a bullish continuation and could continue to struggle below this level in the coming hours.

However, the nineteenth-largest cryptocurrency trades up by 12.4% over the past 24 hours, indicating an immense bullish presence. That said, we expect to see a bullish continuation soon once bulls manage to clear the $0.000030 psychological barrier.

Meanwhile, our resistance levels are $0.00002500, $0.00002750, and $0.00003000, and our key support levels are $0.00002000, $0.00001700, and $0.00001500.

Total Market Capitalization: $2.32 trillion

Shiba Inu Market Capitalization: $11.3 billion

Shiba Inu Dominance: 0.48%

Market Rank: #19

 

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Shiba Inu: A Quick Guide

17 May 2021 | Updated: 17 May 2021

Shiba Inu (SHIB) has become one of the most followed cryptocurrency developments by the crypto community of late. The SHIB is touted by many as a Dogecoin knock-off, considering that it also uses the famous Japanese breed dog Shiba Inu as its mascot. Additionally, both cryptocurrency started as jokes.

That said, both projects have some marked fundamental differences. The anonymous development team behind the meme coin labeled the platform an “experiment in decentralized spontaneous community building.” The team also asserts that the Shiba Inu is a more efficient alternative to the Dogecoin and has gone as far as nicknaming the token as the “Dogecoin killer.”

The Meme Coin Trend

At the moment, the meme coin market is the talk of the town. As a result of a steady influx of promotions from celebrities and prominent public personalities, meme coins like the SHIB and DOGE have recorded massive adoption and gains.

Notably, meme coins are not necessarily an upgrade or evolution on the technological front. They are more of a social phenomenon.

Catching the SHIB Trend

Investors and traders that missed out on the initial Dogecoin frenzy cannot wait to get their hands on the next big thing. Shiba Inu appears to fit this yearning perfectly and is well-positioned to take advantage of the excitement in the crypto industry.

According to CoinMarketCap, SHIB has a market valuation of $6.88 billion. The cryptocurrency recorded a whopping increase of more than 30,000% at its peak last week. This incredible feat puts the network’s growth at +2,000,000% since its launch at the end of 2020.

The behemoth growth of Shiba Inu resulted primarily from the rate at which large exchanges listed the token.

Shiba Inu (SHIB) Explained

SHIB is an Ethereum-based token, ERC-20 token, and enjoys the capacity and support of the Ethereum network.

SHIB is the native utility token of the Shiba Inu network. The SHIB fulfills several functionalities, including payment of fees and rewards on the network and speculation purposes. The cryptocurrency operates efficiently and securely thanks to its hosting on the Ethereum blockchain.

At launch, the team behind SHIB minted one quadrillion tokens, half of which got unsolicitedly sent to the address of Ethereum co-founder Vitalik Buterin. The team sent 505 trillion SHIB to get “burned,” which reduces supply and boosts demand and value.

Ethereum is currently, without a doubt, the largest decentralized application and token hosting blockchain in the world. The network reportedly supports more than 200,000 tokens and thousands of networks on its ecosystem.

SHIB is readily available on exchanges like Binance, Huobi Global, and OKEx. Likewise, traders can buy SHIB on decentralized exchanges (DEX) like Uniswap, 1inch, and 0x.

 

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Ethereum Founder Donates $1 Billion to COVID-19 Relief Charity in India

13 May 2021 | Updated: 13 May 2021

Billionaire founder of Ethereum, Vitalik Buterin, made some decisions yesterday that contributed heavily to the recent market crash. Buterin did the unexpected when he began selling some of the ERC20 meme coins sent to his wallet by some aspiring projects to get “burnt.”

The crypto founder donated a whopping $1 billion worth of his Shiba Inu holdings to India’s Crypto COVID Relief Fund, founded by Sandeep Nailwal, co-founder of Polygon, a second layer protocol for Ethereum. Buterin, reportedly, also donated $3 million in Dogecoin to this same charity organization last week.

The SHIB donation by Buterin is now the largest to come from any cryptocurrency personality towards COVID relief around the world, dwarfing donations from Justin Sun and Balaji Srinivasan.

However, the announcement sparked a bearish descent in SHIB and other cryptocurrencies across the market, with members of the crypto community calling the move a low blow to retail traders.

More Charity Donations from the Ethereum Founder

Buterin did not stop at the SHIB donation but went on to dump chunks of other meme coins in his wallet to raise money for some other charity organizations. His transaction record shows that he also donated about 14,000 ETH ($56 million) to Givewell, a non-profit institution that rates charities worldwide and shares donations based on its ratings.

Buterin made significant contributions to Gitcoin, known for funding open-source software projects, and the Machine Intelligence Research Institute.

However, after the founder of Ethereum offloaded many of the meme coins sent to his wallet, more donations from other meme coins flooded his crypto wallet, indicating that this new way of launching cryptocurrency projects could persist.

 

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