Shiba Inu: Gimli whale strikes, 41% of all SHIBs burned

Investing.com – SHIBA INU is losing -2.64% today to a SHIB price of 0.0000331 USD, bringing the losses for the past seven days to a total of -10.51%.

The familiar “Gimli” whale in the community took advantage of the recent price drop to purchase an additional 110 billion Shiba Inu tokens worth $ 3.62 million, according to WhaleStats data.

This whale currently holds ERC-20 tokens worth a total of $ 1.695 billion. With almost 82 percent, the largest share goes to Metaverse, followed by Ether with 5.6 percent, while Shib’s share is just over 2 percent.

And while Gimli is excited about its new acquisition, the burning of SHIB tokens continues unabated.

Over the past 24 hours, an additional 9.7 million tokens have been destroyed, bringing the number of SHIBs initially in circulation to over 41%.

This certainly did not have a positive influence on the price of the cryptocurrency, but it may have helped to curb losses, as the general market environment is negative. Indeed, the heavyweights of the market, such as, Ethereum and, do not register gains either.

Shiba Inu technical course benchmarks

On the daily chart of the SHIB, we can see that a consolidation of losses has occurred in recent days at the current level. At the same time, the downtrend channel could be exited sideways.

To initiate a larger recovery, however, the 61.8% Fibo retracement of $ 0.00003736 must be exceeded. Only then will the door be open for gains towards the 50 percent Fibo retracement of $ 0.00004711.

If the downward pressure intensifies again, we must prepare for losses to the recent low of $ 0.00002830 and the 78.6% Fibo retracement of $ 0.00002349.

By Marco Oehrl

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