Shiba Inu token recovers after $31 Billion token dump, is it the way to touch the All Time High (ATH) for the token or it is just the part of the rollercoaster? Read on and find out what is happening to $SHIB price.
The large price adjustment is also due to the largest whale littering in 6 months. According to Santiment data, whales with $1 to$ 10 million in their wallets have dumped a total of $31.07 billion in Shiba Inu tokens on the market. However, the weekend gave Altcoin strong momentum and the market recovered again.
What is happening to Shiba Inu price ($SHIB)?
The Shiba Inu ($SHIB) is currently in the process of recovery after a major price adjustment last Thursday. Altcoin, which rose nearly 350% last week, lost momentum on Thursday after failing to break above $0.000035. The price of $SHIB has returned to the level below $0.00020 after passing the main support of $0.000022. Altcoin has since risen and is currently trading above $0.000028, with weekly profits above 200%.
Shiba Inu price has risen by more than 300% in the first three days of last week, with a market capitalization of over $13 billion, making it the 12th largest cryptocurrency in the world, backed by recent leverage. Behind Litecoin ($LTC) and Chainlink ($LINK). Outbreaks that exceed current price limits may help Shiba Inu not only test ATH, but also enter a price discovery mode that can increase prices.
The Shiba Inu’s main resistance is $0.000035, and if it manages to break through, the $0.0000388 ATH is just a rise. Altcoin wakes up from a long sleep almost five months later and appears to catch up with what Dogecoin (DOGE) did in the first quarter of this year, but its market capitalization has risen to the top five cryptocurrencies. Currently, $DOGE is 67% lower than ATH, but so far it has exceeded this year’s market revenue by more than 5,000%.