{"id":506124,"date":"2022-10-13T17:00:51","date_gmt":"2022-10-13T17:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=506124"},"modified":"2024-06-11T07:47:37","modified_gmt":"2024-06-11T07:47:37","slug":"shiba-inu-adds-another-zero-is-it-time-to-jump-ship","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-adds-another-zero-is-it-time-to-jump-ship\/","title":{"rendered":"Shiba Inu Adds Another Zero, Is It Time To Jump Ship?"},"content":{"rendered":"

Shiba Inu has had a hard time holding on to the value that it had garnered in the bull run of 2021. Along the way, there have been utility and use cases being put forward for the digital asset but even that has not helped it retain its value. Now, the meme coin has fallen below an important technical level, triggering sell signals.<\/p>\n

Shiba Inu Falls Below $0.00001<\/h2>\n

Over the last couple of months, the price of SHIB had continued to trend above $0.00001. This level had become important over time as bulls had built up support for the meme coin here. In other words, $0.00001 became the price for bears to beat, and now they have.<\/p>\n

Related Reading: Bitcoin, Ethereum Open Interest Suggests A Squeeze Is Coming<\/a><\/div>\n

In the early hours of Thursday, the price of Shiba Inu had inevitably declined below $0.00001. It comes as no surprise since the cryptocurrency was only following the general market trend that had triggered losses in the market over the last 24 hours. SHIB had been one of the worst-hit among the largest cryptocurrencies as it recorded a 7.66% decline during this time.<\/p>\n

\"Shiba<\/p>\n

SHIB price drops below $0.00001 | SourcE: SHIBUSD on TradingView.com<\/a><\/pre>\n
This puts SHIB firmly below its 50-day moving average and the next support level now seems to be forming just above $0.000008. The loss in value has also seen the meme coin lose its 14th place on the top cryptocurrencies by market cap, which is now occupied by Iron (TRX).<\/p>\n
Time To Jump Ship?<\/h2>\n
As expected, the fall below $0.00001 has begun to trigger sell-offs in the market. The most notable of these has been a whale who seems to have dumped trillions of tokens. At the time of the transaction, the 2.8 trillion tokens were worth an estimated $27.7 million and were transferred to another wallet. So either the whale had moved the tokens for safekeeping or they had sold off the tokens. The kicker is that the whale had purchased these tokens about two months earlier, and if it was a sale, they would have taken a massive loss on the tokens.<\/p>\n
Related Reading: Crypto Market Shows No Signs Of Positive Movement, Is \u2018Uptober\u2019 A Myth?<\/a><\/div>\n
The dollar value of Ethereum whale holdings has also declined during this time<\/a>. In the last 7 days alone, their combined holdings are down more than $7 million. This points to some dumping from the large holders but is also a result of the decline in the price of the digital asset.<\/p>\n
The crypto market is expected to decline even further from here, which would mean that the SHIB losses might not be over at this point. It is also a meme coin which means it would tank even more than the general market. So Shiba Inu holders need to strap in for a long ride.<\/p>\n
Featured image from Finbold, chart from TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Shiba Inu has had a hard time holding on to the value that it had garnered in the bull run of 2021. Along the way, there have been utility and use cases being put forward for the digital asset but even that has not helped it retain its value. Now, the meme coin has fallen below an important technical level, triggering sell signals. Shiba Inu Falls Below $0.00001 Over the last couple of months, the price of SHIB had continued to trend above $0.00001. This level had become important over time as bulls had built up support for the meme coin here. In other words, $0.00001 became the price for bears to beat, and now they have. Related Reading: Bitcoin, Ethereum Open Interest Suggests A Squeeze Is Coming In the early hours of Thursday, the price of Shiba Inu had inevitably declined below $0.00001. It comes as no surprise since the cryptocurrency was only following the general market trend that had triggered losses in the market over the last 24 hours. SHIB had been one of the worst-hit among the largest cryptocurrencies as it recorded a 7.66% decline during this time. SHIB price drops below $0.00001 | SourcE: SHIBUSD on TradingView.com This puts SHIB firmly below its 50-day moving average and the next support level now seems to be forming just above $0.000008. The loss in value has also seen the meme coin lose its 14th place on the top cryptocurrencies by market cap, which is now occupied by Iron (TRX). Time To Jump Ship? As expected, the fall below $0.00001 has begun to trigger sell-offs in the market. The most notable of these has been a whale who seems to have dumped trillions of tokens. At the time of the transaction, the 2.8 trillion tokens were worth an estimated $27.7 million and were transferred to another wallet. So either the whale had moved the tokens for safekeeping or they had sold off the tokens. The kicker is that the whale had purchased these tokens about two months earlier, and if it was a sale, they would have taken a massive loss on the tokens. Related Reading: Crypto Market Shows No Signs Of Positive Movement, Is \u2018Uptober\u2019 A Myth? The dollar value of Ethereum whale holdings has also declined during this time. In the last 7 days alone, their combined holdings are down more than $7 million. This points to some dumping from the large holders but is also a result of the decline in the price of the digital asset. The crypto market is expected to decline even further from here, which would mean that the SHIB losses might not be over at this point. It is also a meme coin which means it would tank even more than the general market. So Shiba Inu holders need to strap in for a long ride. Featured image from Finbold, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":506135,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,87192,84473,83667,86437,84562,84558],"class_list":["post-506124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-investment","tag-shib-price","tag-shiba-inu","tag-shiba-inu-price","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\nShiba Inu Adds Another Zero, Is It Time To Jump Ship?<\/title>\n<meta name=\"description\" content=\"Shiba Inu has had a hard time holding on to the value that it had garnered in the bull run of 2021. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Shiba Inu Adds Another Zero, Is It Time To Jump Ship?","url":"http:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-adds-another-zero-is-it-time-to-jump-ship\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-adds-another-zero-is-it-time-to-jump-ship\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Shiba-Inu-.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Shiba-Inu-.jpeg?fit=800%2C601"},"articleSection":"Shiba Inu Coin","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["shib","shib investment","shib price","shiba inu","shiba inu price","shibusd","shibusdt"],"dateCreated":"2022-10-13T17:00:51Z","datePublished":"2022-10-13T17:00:51Z","dateModified":"2024-06-11T07:47:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Shiba Inu Adds Another Zero, Is It Time To Jump Ship?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-adds-another-zero-is-it-time-to-jump-ship\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-adds-another-zero-is-it-time-to-jump-ship\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/Shiba-Inu-.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/Shiba-Inu-.jpeg?fit=800%2C601\"},\"articleSection\":\"Shiba Inu Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"shib\",\"shib investment\",\"shib price\",\"shiba inu\",\"shiba inu price\",\"shibusd\",\"shibusdt\"],\"dateCreated\":\"2022-10-13T17:00:51Z\",\"datePublished\":\"2022-10-13T17:00:51Z\",\"dateModified\":\"2024-06-11T07:47:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Shiba-Inu-.jpeg?fit=800%2C601","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/506124"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=506124"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/506124\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/506135"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=506124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=506124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=506124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}