Why Is Shiba Inu Crashing Today?
SHIBA INU IS DROPPING.. HERE’S WHY. DON’T PANIC!!
My lovely ppl,
We understand some of you are disappointed for the gas fees when Shiboshis were released but it is due to high pressure on ETH blockchain. However, the developer team is building Shibarium blockchain which is the solution. It is just a matter of time.
$SHIB I feel like we’re heading towards a drop to $.00001500 and then a full bounce to $.00005000 by the end of #October! I’m fine with riding it down! Let the paper-hands flush out and #ShibArmy band together 🔥
Recently Shiba Inu became the 12th largest crypto globally. In the last seven-day Shiba soared 213.23%. The meme coin hit the high of $0.00003502 before crashing. When analyzing data, Shiba Inu had gained 275.91% over the last 30-day period.
Shiba Inu’s gain was largely attributed to Tesla Inc.’s CEO Elon Musk’s tweet. Musk is known for his lover for Dogecoin and multiple time his support for Dogecoin has led to the soaring exchange price of the meme coin. But this time Elon Musk’s tweet led to Shiba Inu’s rise over 200% in just 48 hours. Elon Musk posted a picture of his Shiba Inu dog “Floki” on Twitter.
Soon after the tweet, the exchange price of Shiba Inu started rising. But the most important reason for a massive rise in Shiba Inu’s exchange price was Shiba Inu crypto whales piling on trillions of coins.
Not only this it has been experienced in the past that a rise in Bitcoin’s exchange price has helped in rising in exchange prices of altcoins. In last two days Bitcoin has experienced a massive price rise. Bitcoin has risen more than 25% in the last seven days to above and currently, it is trending over $55,000. The reason for the recent Bitcoin boom can be related to the announcement by US Bank that it is launching a bitcoin custody service.
All these factors together contributed to rising of Shiba Inu in the last few days. However, in the last 24 hours, Shiba’s Exchange price has crashed.
Why Is Shiba Inu Crashing Today?
After showing a massive intent, Shiba Inu is now crashing and it is showing no sign of recovery. From being the World’s 12 largest cryptos in terms of market cap, Shiba Inu has quickly dropped to 20th position within a week.
The coin has lost over 40% of its value in the last 24 hours. Shiba has been trading within $0.000022-$0.000023 after crashing. The crash has pushed the total market cap of Shiba to just over $11 billion which is down more than $8.5 billion in last 24 hours.
The main reason for the Shib’s crash is the massive sell-off by the Shiba whale. After pushing the price to an almost all-time high, the sell-off has led to the crash. If analysts is to be believed, Shiba may further crash as the buyers who might have brought earlier may now turn seller and trigger the further crashing of Shiba Inu.
Shiba Inu cryptocurrency experienced a continuous rise in its exchange value. The extent of rising was such that Shiba Inu became the 12 largest cryptocurrencies globally in terms of market cap. Even in social media, Shiba was the most mentioned crypto followed by Bitcoin. As per the Cointrendz data, Shiba despite experiencing a crash is still the most talked about among all the cryptocurrencies.
However, in terms of price prediction, the signs do not reflect positive news for Shiba Inu. As per the InvestingCube, there is a high probability that the coin will drop to the 78.6% retracement level at $0.000013, which is about 40% below the current level.
Recently, Shiba Inu developer “Shytoshi Kusama” tweeted that the cryptocurrency will introduce transactional burns in partnership with NOWPayments.
In his tweet he mentioned:
I don’t believe you, but I waited to see. Every time you message us it’s more 1/7
And more fantastical. TV execs… bro the farmers! Walls of texts screaming at us. But your most recent reply, calling me names and getting mad I gave props to someone else, reminds me exactly why we aren’t in any rush to have you be onboarded.
Something doesn’t add up…
So I’ll personally cease communication with you to maintain my well being and still wish you well.
And don’t act like I ignored you bro…you have already posted screenshots of our many kind conversations but if you THINK you are going to get me on a phone call LOL
If I (WE) turned down a phone/FACE TO FACE interview with CNN AND I NEVER spoke to Ryoshi… why would I CALL you?
Ryoshi warned me of scammers and until you can showcase all these hard working farmers and millions of bottles of hot sauce and TV connects I say meh…
But I think your goal is to do me harm, as evidenced by your increasingly angry tweets and frustration that your outlandish claims aren’t accepted by me with open arms.
In other words, and listen up #SHIBARMY, when someone says…
Call me. Call me. Trust me I have something for you. I have a connect. I have Netflix I have everything you need… but they don’t work like Milkshake just did and just connect you with the people… they are suspect. PERIOD.
When they begin nagging and getting angry when you don’t bow to them immediately then they are double suspect.
When the claims and anger turns to tantrums, block them and move on. And that’s what I’m going to do now. Gtfoh. 7/8
And if I’m wrong…oh well. I’ve had to wade through a ridiculous amount of scammers to get Shib this far and I think the Army would prefer I err on the side of caution than you bring harm to me, our team, or my family and stop what we are building. 8/8