LAGOS (CoinChapter.com) — SHIBA INU has appeared top on multiple search histories of many Americans as the coin they are looking to unwind their investments.
Americans want to dump Shiba Inu
In detail, on June 15, a report from Los Muerto, an NFT project page, noted that crypto investors—from as many as 19 states in the United States—had searched several methods to sell their Shiba Inu coin, which is the highest seen against other cryptocurrencies.
That is coming ahead of other search entries to sell off Bitcoin and Dogecoin, which appeared in only 17 and 8 states, respectively.
Shiba Inu is a meme token termed the “Dogecoin killer.” The token rose to the limelight in 2021, seeing dramatic trading volumes and a whopping 40% price increase after being listed on Coinbase. That helped shoot its status upward in the top-ranking coins globally — at some point ahead of its rival Dogecoin.
However, since the coin reached its all-time high in October 2021, the price movement has formed a downward trend and has only seen a few upward rallies.
With a $4.49 billion market cap and a strong community, many of its holders hold a generally positive sentiment concerning the token.
What’s driving the crypto selloff?
But what could be the reason for the possible sell-offs? Following the recent market downturn, technical analysis experts, Run guys, surmised in a video uploaded in the early hours of today(June 16) that Shiba Inu has a chart formation indicating that the coin may bleed even further down in price.
This pattern was similar to the Bitcoin chart and could mean that the BTC market dominance is playing out. That is to say, in this current crypto meltdown where major coins such as BTC and ETH are trading deep into a bear market, their collective dominance may cause other altcoins to hemorrhage even more.
In short, technical analysis shows that we are not yet at the SHIBA INU fall bottom, and with no solid support in view, many holders might be shorting their position to buy again at a much lower price.
With over 1.1 million holders, a strong community, and massive adoption of the token on several payment platforms, the end is still yet to come for the meme token.
