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The global cryptocurrency market is anxious to watch Shiba Inu investors selling off one trillion memecoin tokens
Memecoin, Shiba Inu (SHIB) always gets the attention of crypto investors and enthusiasts. Whether it is to buy the coin or sell it (everything has to be dramatic when it comes to Shiba Inu). With the gripping crypto market crash happening, the majority of American investors have hit the panic button and consider selling their digital assets – at which SHIB happens to top the list. Different states in the US such as New York, Florida, Tennessee, and Nevada are looking for many ways to sell their SHIB. The Shiba Inu token known as one of the best meme coins in the crypto market is attempting to stabilize after shedding value earlier this month, with the cryptocurrency markets plunging in response to news of the collapse of the Terra stablecoin. But nothing seems helpful and many experts predict that Shiba Inu will continue to drop this year before making a dramatic comeback. SHIB did get a boost of 21% when popular trading platform Robinhood listed the coin for trading on 12 April. But it has been downhill since then. The SHIB/USD price has dropped by more than 40% since the start of the month and has lost 65% since the start of 2022.
No one could have expected the incredible success of Shiba Inu in 2021 (except for the trader who turned an US$8,000 investment into US$5.6 billion in a matter of 400 days with Shiba Inu). SHIB is extremely volatile, and the token is down quite a bit from its peak. The incredibly popular Dogecoin led the rise of meme coins, and Shiba Inu Token (the breed of dogecoin’s dog mascot) is evidence.
What’s worrying is that Shiba Inu has not shown convincing signs of recovering from this drop. Crypto analysts say that Shiba Inu might drop even further this month. Over the last few days, Shiba Inu has been swinging between 4 to 5 zeroes. Therefore, Shiba Inu is still unstable and might dip further in the next few days.
Shiba Inu risks a mass sell-off this month. This is because of the failure of the Shiba Inu team to release products and projects as promised. The Shibarium has been a widely-awaited product, and its delayed launch can cause massive selling pressure. It is also important to note that Shiba Inu’s founder disappeared a few weeks ago. All these factors might trigger a massive sell-off of the Shiba Inu token.
The study was based on the information and statistics that were derived from a survey using Google Trends which aims to compare the two digital assets using keywords or phrases such as ‘sell Shiba Inu’ and ‘sell Dogecoin’. The study reveals that Shiba Inu has emerged as the top cryptocurrency that is being sold online. Generally, such surveys aim to deliver crucial insights on which digital assets investors sell the most and where they are selling them.
Experts believe such sentiments have only emerged after Bitcoin and Terra’s major crash which took down the value of the entire crypto market. The majority of investors from about 19 states in the USA are searching for different methods to sell Shiba Inu, including states like Florida, Nevada, New York, and Tennessee. There are other states, like Oregon, Kansas, Illinois, and Pennsylvania, to name a few, where Bitcoin has emerged as the top cryptocurrency that investors wish to sell off.
The end result of such a sell-off would initially end the dominance of the crypto market in the financial and economic markets. The value of both Shiba Inu and Bitcoin has been massively declining over the past several weeks, there is generally a small indication of hope whenever there is a slight bottoming out of the cryptocurrencies. But the price declinations have caused investors to play safe and have eventually led them to sell off their crypto investments.
The burning sensation of the cryptocurrency
The global cryptocurrency market is anxious to watch Shiba Inu investors selling off one trillion memecoin tokens with several issues such as high volatility, scalability, flexibility, speed, and many more. It is also behind some of the top cryptocurrencies in the decentralized applications or DApps market. The bearish market for this cryptocurrency is only helpful for short-term investment for crypto investors to hope for some profit in the nearby future.