A significant amount of Shiba Inu （SHIB） tokens are available for sale, potentially impacting the token’s price.
Points
- 5.9 trillion SHIB tokens are available for sale at an average price of $0.000017 each.
- Buy orders are placed for 3.4 trillion SHIB tokens, leaving 2.5 trillion tokens on the market.
- Price predictions suggest potential short-term rallies followed by corrections.
- SHIB’s price could rise significantly before correcting back to current levels.
According to IntoTheBlock, there are currently 5.9 trillion Shiba Inu （SHIB） tokens available for sale at an average price of $0.000017 each, totaling about $100 million in SHIB tokens. Data shows that buy orders have been placed for 3.4 trillion SHIB tokens, leaving 2.5 trillion tokens still on the market.
SHIB Faces Potential Price Drop Amid Increased Supply
The substantial supply of SHIB available for sale could lead to a price drop if the market cannot absorb the tokens. According to CoinCodex, SHIB could potentially rise to $0.00003465 by August 6, 2024, representing a rally of over 119% from its current price. However, researchers believe that SHIB’s price will likely correct back to current levels shortly after reaching this peak.
Similarly, Changelly predicts that SHIB will reach $0.00003579 by August 5, 2024. Like CoinCodex, Changelly foresees a correction after this peak, with the price expected to fall back to $0.000015 by the end of August.
Shiba Inu’s Recent Struggles Compared to Other Meme Coins
Shiba Inu has faced challenges recently, similar to other meme coins. Increased supply and market dynamics can lead to price volatility. Investors should be cautious and consider these factors when making investment decisions.
Important
Please note that this article is for informational purposes only and should not be taken as legal, tax, investment, financial, or any other type of advice.