Shiba Inu coin is facing bearish pressure as the memecoin falls for the third consecutive trading session. The market for altcoins is facing a deep correction after Bitcoin failed to break above its Monday highs on Wednesday.
Shiba Inu coin also had a losing day as the price plunged 2.5%. On the same day, the Total3 market cap fell 0.45% which showed a pullback in major altcoins.
Today’s sell-off can be attributed to holders taking profits and selling their coins in the spot markets. This is evident from the rising dominance of the USDT, which increased by almost 1% on Wednesday.
Last week, the developers of Shiba Inu reported the burning of 1.4 billion tokens in October. Despite this number being 37% less than the September burn rate, the price of memecoin is still up 15% from its October lows.
The whales might be taking a strong interest in the Dog-themed meme coin as the data released by IntoTheBlock shows a spike in the on-chain activity of SHIB. The memecoin showed a whopping 1,172% spike in its large holding wallets. This means that there is a lot of buying activity going on which may result in a rally for Shib Inu coin price soon.
Shiba Inu Coin Price Analysis
SHIB price had a strong rebound from the $0.00000760 demand zone in October and is currently consolidating above the key demand zone. The bulls must attempt a reclaim of the 200-day moving average as this may flip the Shiba Inu coin price prediction very bullish.
It is critical for the bulls to hold the $0.00000760 level for the price to continue its current local uptrend. Additionally, there also seems to be a great possibility of the memecoin hitting the $0.00001132 level on its chart which was the August 2023 peak. This move may occur before the end of this year.