- Shiba Inu’s price action has formed a triangular pattern.
- Shiba Inu is down 2.78% in the last 24 hours.
In the previous five days, Shiba Inu (SHIB) has burnt more than 125 million SHIB. In all, 410 trillion SHIB coins have been destroyed, about 41 percent of the entire quantity.
Over 5.5 million have been wiped off in the previous 24 hours, but this is nothing new. They are routinely destroyed to keep the number of tokens in circulation as low as possible. It’s a common tactic to raise the price of a product. Ethereum co-founder Vitalik Buterin received 500 trillion tokens, while the remaining 500 trillion remained in UniSwap.
Shiba Inu’s strong climb to all-time highs of $0.0000889 prevented it from entering sideways movement. As soon as the Kraken exchange revealed Shiba Inu’s listing, the stock shot up 30%. There is now a triangle pattern in Shiba Inu’s price action. The factor cited by observers is that Shiba Inu’s history is not in its favour. They claim that the currency has returned over 46,500,000% in a short period.
A similar run of this magnitude, as witnessed with payment currency Nano, which rose 461,000% in less than 10 months before losing 99% of its value in the following 26 months, history suggests that there will be a major retreat. In a similar vein, privacy currency Verge saw its value rise by about 1,200,000 percent in a year before plummeting by 99.6 percent.