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Yesterday, large investors sold more than 1.4 trillion Shiba Inu tokens, the crypto-intelligence portal reported. in the block. The sell-off was triggered by a false report that the US government was selling confiscated Bitcoins, causing panic among trading companies and causing the cryptocurrency market to crash.
The sell-off came at a time when the gap between big purchases and sales was just $26.1 billion. shib, indicating that yesterday would have been a more bullish day for investors. However, the price of the token fell 8% within an hour, which acted as a trigger for the sell-off.
Bears Rule Shiba Inu
The price action of Shiba Inu sheet remains under bearish dictates. The current ratio of sellers to buyers is also not in favor of the token, with 130 sellers for every 121 buyers. It is important to note that only addresses that have traded at least 1% of the total SHIB transaction volume are taken into account when determining this ratio.
It is not clear how the Shiba Inu token will work in the future, but the false report that prompted the recent sell-off highlights the importance of staying informed and cautious in the crypto market. It remains to be seen how the market will react to this sell-off and whether or not it will recover to at least last week's levels.
