5.9 Trillion SHIB for Sale: Could Another Price Drop Be Ahead?

According to IntoTheBlock, there are currently 5.9 trillion Shiba Inu (SHIB) tokens available for sale at an average price of $0.000017 each. This sale could total about $100 million in SHIB tokens.

The data also shows that buy orders have been placed for 3.4 trillion SHIB tokens, leaving 2.5 trillion tokens still on the market.

SHIB Faces Potential Price Drop Amid Increased Supply

The rising supply of Shiba Inu (SHIB) tokens could lead to a potential price drop for the popular meme coin. Currently, SHIB is down by 3.6% in the daily charts, 2.4% in the weekly charts, 15.3% over the past 14 days, and 7.5% over the previous month. The token has struggled to gain traction since March, when it reached a two-year peak of $0.000036.

The current market downturn may be linked to Bitcoin (BTC) falling below $65,000. This drop in Bitcoin’s price could be driven by concerns over the Mt. Gox reimbursement plan and the US government’s recent movement of over $2 billion worth of BTC.

Price Predictions for Shiba Inu (SHIB)

According to CoinCodex, Shiba Inu (SHIB) could potentially rise to $0.00003465 by August 6, 2024. This would represent a significant rally of over 119% from its current price. However, CoinCodex researchers believe that SHIB’s price will likely correct back to current levels shortly after reaching this peak.

Similarly, Changelly predicts that SHIB will reach $0.00003579 by August 5, 2024. Like CoinCodex, Changelly also foresees a correction after this peak, with the price expected to fall back to $0.000015 by the end of August.

Shiba Inu’s Recent Struggles Compared to Other Meme Coins

Shiba Inu (SHIB) remains one of the most popular cryptocurrencies, but it has faced challenges in achieving positive price movements recently. Over the past few months, SHIB has struggled to gain traction and show significant gains.

In contrast, other meme coins such as Pepe (PEPE), Bonk (BONK), Dogfight (WIF), and Popcat (POPCAT) have outperformed SHIB over the last year. These alternative meme coins have demonstrated stronger performance and growth compared to Shiba Inu.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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