{"id":473575,"date":"2021-10-12T17:00:44","date_gmt":"2021-10-12T17:00:44","guid":{"rendered":"https:\/\/wncen.com\/?p=473575"},"modified":"2024-06-11T07:52:24","modified_gmt":"2024-06-11T07:52:24","slug":"why-shiba-inu-rallied-266","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/why-shiba-inu-rallied-266\/","title":{"rendered":"Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History"},"content":{"rendered":"<p class=\"p1\">Shiba Inu (SHIB) is still on a bull trend after its meteoric rise last week. The asset had rallied 266% and by the time the rally reached its peak, SHIB had grown over 400% in a matter of hours. Its sudden rise in price has been attributed to a number of things. One of the most prominent being the tweet by Elon Musk of his pet Shiba Inu which he had gotten last month.<\/p>\n<p class=\"p1\">However, the price recovery had occurred at a point where the asset had been seeing massive amounts of coins dumped that led to a dip in its price. SHIB had hit a new six-month high at this point and sell pressures had mounted in the community. This was mostly due to the history of the meme coin which has no utility to speak of except the hype from its backers.<\/p>\n<h2 class=\"p1\">SHIB Holders Dump Billions<\/h2>\n<p class=\"p1\">Santiment <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/61622530\" rel=\"nofollow\">reported<\/a> the digital asset had seen a record dump following its price rally. A reported 31.07 billion coins had been dumped by holders. Mostly from wallets that held between 1 million to 10 million SHIB in their wallets.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/reason-behind-billions-ftx-tether-purchase\/\">FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">An interesting fact about this dump was that it had been mostly small traders who were dumping their bags. Contrary to expectations, Shiba Inu whales have mostly held their bags through the rally. While small-time traders shed their holdings onto micro traders.<\/p>\n<p class=\"p1\">The dump patterns had shaken the price of the asset, causing its hold on its new highs to falter in the meantime. But this would prove to not have a lasting effect on the market given that the price of the digital asset had rebounded from its Thursday lows, with a green <a href=\"https:\/\/coinmarketcap.com\/\" rel=\"nofollow\">seven-day trading average of 83.45%<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/LJeQ6ed5\/\" alt=\"Shiba Inu price chart from TradingView.com\" width=\"1354\" height=\"686\"><\/p>\n<pre style=\"text-align: center\">SHIB price falls to $0.000028 | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/UG2tjOD6\/\" rel=\"nofollow\">SHIBUSD on TradingView.com<\/a><\/pre>\n<h2 class=\"p1\">Shiba Inu Benefiting From The Altcoin Craze<\/h2>\n<p class=\"p1\">Bitcoin has shown investors the potential of investing in cryptocurrencies. But at its current value, investors have moved on to find what could be \u2018the next bitcoin\u2019 and altcoins have generally benefited from this sentiment.<\/p>\n<p class=\"p1\">The push for short-term gains in the market is also a reason behind the success of meme coins like Shiba Inu. Over the long term, top cryptocurrencies like bitcoin and ethereum have proven to be the better choice. Altcoins, however, have shown the most promise with short-term gains, especially coins which are hype-driven.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-over-100000-still-possible\/\">Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst<\/a><\/strong><\/em><\/p>\n<p class=\"p1\">Projects like these will experience significant price movements in reaction to things like a celebrity tweeting or posting about them. Investors can see massive gains from investing in these projects in just a matter of hours. But these coins crash as quickly as they had risen. Usually due to the hype around them dying down. Or in worst-case scenarios, the developers execute a <a href=\"https:\/\/www.cybertalk.org\/2021\/09\/02\/defi-cryptocurrency-rug-pulls\/#:~:text=In%20the%20cryptocurrency%20mar,bright%20future%20in%20cryptocurrency%20riches.\" rel=\"nofollow\">rugpull<\/a> and leave investors to deal with their now worthless coins.<\/p>\n<pre style=\"text-align: center\">Featured image from CoinGecko, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Shiba Inu (SHIB) is still on a bull trend after its meteoric rise last week. The asset had rallied 266% and by the time the rally reached its peak, SHIB had grown over 400% in a matter of hours. Its sudden rise in price has been attributed to a number of things. One of the most prominent being the tweet by Elon Musk of his pet Shiba Inu which he had gotten last month. However, the price recovery had occurred at a point where the asset had been seeing massive amounts of coins dumped that led to a dip in its price. SHIB had hit a new six-month high at this point and sell pressures had mounted in the community. This was mostly due to the history of the meme coin which has no utility to speak of except the hype from its backers. SHIB Holders Dump Billions Santiment reported the digital asset had seen a record dump following its price rally. A reported 31.07 billion coins had been dumped by holders. Mostly from wallets that held between 1 million to 10 million SHIB in their wallets. Related Reading |\u00a0FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase An interesting fact about this dump was that it had been mostly small traders who were dumping their bags. Contrary to expectations, Shiba Inu whales have mostly held their bags through the rally. While small-time traders shed their holdings onto micro traders. The dump patterns had shaken the price of the asset, causing its hold on its new highs to falter in the meantime. But this would prove to not have a lasting effect on the market given that the price of the digital asset had rebounded from its Thursday lows, with a green seven-day trading average of 83.45%. SHIB price falls to $0.000028 | Source: SHIBUSD on TradingView.com Shiba Inu Benefiting From The Altcoin Craze Bitcoin has shown investors the potential of investing in cryptocurrencies. But at its current value, investors have moved on to find what could be \u2018the next bitcoin\u2019 and altcoins have generally benefited from this sentiment. The push for short-term gains in the market is also a reason behind the success of meme coins like Shiba Inu. Over the long term, top cryptocurrencies like bitcoin and ethereum have proven to be the better choice. Altcoins, however, have shown the most promise with short-term gains, especially coins which are hype-driven. Related Reading |\u00a0Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst Projects like these will experience significant price movements in reaction to things like a celebrity tweeting or posting about them. Investors can see massive gains from investing in these projects in just a matter of hours. But these coins crash as quickly as they had risen. Usually due to the hype around them dying down. Or in worst-case scenarios, the developers execute a rugpull and leave investors to deal with their now worthless coins. Featured image from CoinGecko, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":473577,"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":[84471,84472,83668,84473,83667],"class_list":["post-473575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-meme-coin","tag-price-rally","tag-shib","tag-shib-price","tag-shiba-inu"],"acf":[],"yoast_head":"\n<title>Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History<\/title>\n<meta name=\"description\" content=\"Shiba Inu (SHIB) is still on a bull trend after its meteoric rise last week. 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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. 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