, Shiba Inu saw an enormous 72.46 billion SHIB sale spike as one of the biggest whales on the network decided to close some of his positions. Such a large one-time injection of tokens on the market caused, as expected, a small price drop, considering the lack of liquidity Shiba had.
Unfortunately, almost no growth factors for Shiba Inu exist on the market right now, as the token has almost no support from its previous holders, demand for risk on the market is still at a low level and the burning mechanism does not seem to have any noteworthy effect on the asset that would cause any noticeable effect on the market.has finally reached the support level the whole market has been waiting for.
Unfortunately, technical analysis is not the only thing that moves money on financial markets. The fundamental state of the industry right now is not perfect for assets like Dogecoin and Shiba Inu as risk demand remains at an extremely low level, and both meme tokens have no real use that would push their value upward without an excessive inflow of funds into the market.
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