Recent 800 Billion Shiba Inu Dump Has Short Traders Worried – Here's Why

Shiba Inu (SHIB) recently faced a major token dump of epic proportions, with a whopping 800 billion SHIB tokens being thrown into the market. But what caused this massive sell-off and what does it mean for the future of Shiba Inu?

Timeline of Shiba-inu

The Shiba Inu community continues to mark new milestones with its testnet, Shibarium, as a steady surge of users links their crypto wallets to the network. Shibarium's testnet, also known as Puppynet, launched on March 11 and has seen an increase in overall transaction count over the past 24 hours.

In a tumultuous trading day in the crypto space, investors were taken aback as the market experienced a massive sell-off, resulting in alarming red candles on the price charts. The global reddening of token prices did not spare Shiba Inu (SHIB), with nearly 800 billion tokens offloaded on Binance alone against USDT, as indicated by the Buying Selling View indicator, from 8:00 a.m.

Shiba Inu (SHIB), a cryptocurrency that originated from the well-known Shiba Inu dog meme, has been making its mark in the digital currency world since its launch on the Ethereum blockchain in 2020.

Shiba Inu (SHIB), one of the leading meme tokens on the market, is approaching a critical juncture that could determine its future price trajectory. The token is eyeing a key resistance level at around $0.00000769 which, if breached, could herald a fresh uptrend and potentially reverse the recent downtrend.

Shibarium continues to hit new milestones as more and more users are joining the testnet, connecting their crypto wallets to it. Over the past 24 hours, the testnet Puppynet launched on March 11 has seen a staggering increase in the overall transaction count.

The meme-inspired cryptocurrency Shiba Inu ($SHIB) has been seeing significant growth over the last few months, to the point that data shows explosive growth of its daily new addresses on the network in the second quarter of the year.

Shiba Inu is one of the meme coins that has managed to maintain its popularity in the crypto market as its community remains committed to reducing the circulating supply of the asset. To this end, there has been a significant increase in the SHIB burn rate recorded over the last 24 hours.

Recent charts suggest that Shiba Inu (SHIB), one of the most popular meme coins, may be forming a hidden variation of the head and shoulders pattern, providing crucial clues about its future price movement.

The Shiba Inu token (SHIB) has recently witnessed a staggering surge in large transactions, resulting in a whopping $8 million increase within a mere 24 hours. According to data provided by IntoTheBlock, the volume of large SHIB transactions doubled on Monday, contributing to a total of $15.72 million.

After yet another day of negative burn rate, the Shiba Inu community has managed to push this metric up again to a high degree. Close to 80 million SHIB meme coins were transferred out of circulation this particular time, and the price of SHIB shows a small rise over the past 24 hours.