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Crypto investors started the day with chaos on Friday, August 25th. A popular meme coin was under attack, resulting in significant losses for PEPE Coin, one of the most popular meme coins. The uncertainty remains whether PEPE Coin can continue its operations. So, what about Shiba, the second-largest meme coin?
Shiba Inu Whale Movements
An unknown Shiba Inu (SHIB) whale transferred slightly over 708 billion SHIB from a Gemini wallet to an unknown wallet on Thursday. The transaction’s equivalent value is just under $6 million. While the Shiba Inu ecosystem experiences fluctuations due to a Shibarium launch, this whale movement further confuses the situation.
According to Etherscan, a whale named 0x941b received over 708 billion SHIB tokens from a Gemini wallet on August 23rd. The purpose of the transactions is still unknown. Therefore, investors should not make investment decisions based solely on this information. Earlier this week, Whale Alert shared data on transfers of over a trillion SHIB between anonymous addresses.
On the other hand, Shibburn burned over 119.5 million tokens in the past 24 hours. This amount is not enough for a significant reduction in Shiba Coin’s supply. Experts were talking about monthly burnings worth tens of millions of dollars if Shibarium received similar attention to the testnet period. However, problems related to the layer2 solution and weak interest currently suggest that this expectation remains uncertain.
Shiba Coin Price Analysis
The second-largest meme coin continues the day at $0.000008, with a 1% decrease. Shiba Coin has been declining for the past 10 days. It has been heavily affected by the general market downturn, with a 25% loss. Moreover, issues with the Shibarium network have added to the losses.
For now, the price has formed a temporary support at $0.0000077 and is holding. To see a new uptrend, we need to see closings above $0.0000085. The price has been fluctuating within a narrow range for the past 5 days, currently in the middle of the channel without a clear direction. A breakout from the support or resistance zone can determine future price movements.
