Shiba Inu Profits Crash By 62% Following SHIB Price Crash This Week
Shiba Inu profits plummeted by 62% this week following a sharp price crash, shifting market sentiment from accumulation to selling.Summary
The price of Shiba Inu (SHIB) has sharply declined over the past week, causing investor confidence to waver and reversing recent gains. On-chain data reveals that the supply of SHIB held in profit dropped by 62% in just one week, falling from nearly 140 trillion SHIB at the start of the year to about 57 trillion currently. This rapid contraction is exacerbated by macro indicators showing increased inflows to exchanges, suggesting accumulation has ceased and selling pressure is dominating. SHIB is currently trading around $0.00000857, holding just above the critical support level of $0.00000836. A breakdown below this support could lead to further losses toward $0.00000786, while a successful defense of this level might allow SHIB to target $0.00000898.
(Source：BeInCrypto)