A growing trend of insider selling pressure, a reaction to Shiba Inu rally stalling, has put the meme coin in an uncertain spotlight, raising worries over its prospects. Major token holders are calmly taking exit positions, with increasingly evident sell signals on the charts. According to market data, trillions of SHIB tokens were transferred to exchanges, a sign of increasing doubts among Shiba Inu whales.
While that continues, savvy investors and institutions are now switching to value-driven projects with real-world applications like Remittix (RTX).Â
Shiba Inu (SHIB) Market Performance Triggers Sell-offs
Shiba Inu’s value at the time of writing sits at roughly $0.00001187, with a recent fall following recent show of confidence losses from the crypto’s whales. Santiment reports show that more than half of SHIB’s total supply is in only ten wallets. Hence, moves by these major holders affect the token’s value directly, quickly, and intensely.
Source: CoinMarketCapÂ
Following a significant single-day fall of more than 12% of SHIB’s value, the meme token trades at around $0.00001177. This fall came after trillions of SHIB tokens got transferred to exchanges.
According to CoinDesk, there was a particular whale transaction of 2.87 trillion SHIB valued at around $36 million, which was later reported to be a custody transfer, not a sale. Despite that, Binance and several exchanges report notable transfers involving institutional wallets, a sign of an expansive retreat.Â
Even with the sell-off, the Shibarium Layer 2 migration has sparked impressive on-chain activity that reflects engagement. However, these activities do not always deter price plunges. The Shiba Inu rally has now halted, and the crypto is currently drifting across a critical support range around $0.0000102. Any dip below this range could mean steeper declines and a potential fall to as low as $0.0000060.
Why do SHIB Investors and Other Traders Believe Remittix ($RTX) is the Best Crypto Presale of the Year?
Remittix (RTX) has caught the attention of the entire crypto market right from its presale. Compared to other meme projects, Remittix is here with a solution to a long-standing real-life problem affecting global finance. Now, you can effortlessly convert crypto like SHIB, ETH or BTC into various FIAT currencies and make deposits directly into any bank account globally in no time.
Remittix offers the solution freelancers, remote workers, merchants and everyday crypto users need: a platform on which they can easily and controllably utilize their earnings.Â
On this PayFi platform, you can access over 100 cryptocurrencies and more than 30 FIAT currencies. The ease Remittix offers explains why it is winning over investors right from its presale, as more people become users on the platform.
This influx of users and investors has alerted savvy traders who are looking for potential projects focused on utility above hype. Hence, they believe the Remittix presale could easily become the best crypto presale of the year and early joiners will only get maximum returns.Â
Discover the future of PayFi with Remittix by checking out their presale here:
Website: https://remittix.io/Â
Socials: https://linktr.ee/remittixÂ
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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