Despite the increase in weather last week, SHIB is still bullish. Wealth increased by 266% and when the rally reached its peak, Shiva increased by more than 400% in a few hours. Several things have been blamed for the sudden rise in prices. The most notable is the tweet of her pet Shiva Inu Elon Musk.
However, the price recovery occurred at a time when the asset had seen large amounts of coins dropped which resulted in its value declining. Shiva reached a new six-month high at this time and the selling pressure on the community increased. This was largely due to the history of the meme coin which has no utility to speak of except without publicity from its supporters.
Shiva holders dump billions
Emotion Report Digital Assets has seen a record dump after its price rally. A report has been dropped by 31.07 billion coin holders. Most from wallets which ranged from 1 million to 10 million SHIB.
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An interesting fact about this dump was that it was mostly small traders who were dumping their bags. Contrary to expectations, Shiva Inu whales mostly hold their bags through the assembly. When short-term traders leave their holding on to micro traders.
Dump patterns shook the value of the property, causing it to lose its grip on new heights. But it will not have a lasting impact on the market given that the value of digital assets has returned from Thursday’s low, the green seven-day trading average of 83.45%.
SHIB price falls to $0.000028 | Source: SHIBUSD on TradingView.com
Shiva Inu is benefiting from the Altcoin craze
Bitcoin has shown investors the potential to invest in cryptocurrencies. But at its current price, investors are going to find out what the ‘next bitcoin’ might be, and altcoins have generally benefited from this feeling.
The push for short-term gains in the market is also one of the reasons behind the success of meme coins like Shiva Inu. In the long run, top cryptocurrencies like Bitcoin and Etherium have proven to be good choices. Altcoins, however, have shown the most promise with short-term gains, especially currencies that are prevalent.
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Such projects will experience significant price movement in response to things like a celebrity tweeting or posting about them. Investors in these projects can see huge profits in just a few hours. But these coins crashed as soon as they went up. Usually dying because of the propaganda around them. Or in the worst case scenario, developers run a ragpool and leave investors to deal with their now worthless coins.
Featured image from CoinGecko, chart from TradingView.com