The Shiba Inu (SHIB) has exploded thousands of shorts while growing over 5% in the last 24 hours. The developer of SHIB says that the meme token does not function as a pump and dump.
SHIB developer: We are not pump and dumpers
Shiba Inu’s lead developer stressed on Twitter today that Shiba does not function as a pump and dump. When asked by a user, “Why is the SHIB not pumping”, Shytoshi Kusama replied, “We are not pump and dumpers”. As the meme token market accommodates unlimited projects large and small, the Shiba team is looking to break up with counterfeit cryptos. The team had similar disclosures on this issue before.
Shiba Inu team moves SHIB away from just a meme token
After Dogecoin, one of the pioneers of last year’s bull run, the market has seen thousands of new meme tokens. Shiba Inu, one of the first examples of these, managed to be almost as successful as Dogecoin. Now, the Shiba Inu team is developing projects in areas such as DEX, metaverse, and DeFi to demonstrate the value of the meme token. They’re also working on partnerships with games and John Richmond brands. SHIB token is currently accepted as payment by many companies.
SHIB shorts explode, causing millions of referrals
Thousands of investors who took a position against the Shiba Inu price lost a total of $17.14 million. An estimated $5.57 million saw the largest liquidation on SHIB Bitfinex. Contrary to the expectations of investors who took short positions, the market started to rise again. Meanwhile, Ethereum whales continue to make aggressive offers to accumulate SHIB. According to the data, the two whales have accumulated more than 1 trillion coins in recent days.
https://twitter.com/WhaleStats/status/1552015349423423489
What is the price of the Shiba Inu?
A strong uptrend is emerging at the moment as SHIB price is rising inside an ascending triangle. Shiba has been struggling to break above $0.000013 since it suffered significant losses in May 2022. Another indication that the indicators are strongly supporting the SHIB price is the current consolidation of the RSI within its middle bands and the upcoming new peak. Given that the MACD is positive and there is no selling pressure, it may seem like the bears have nowhere to move.
On the other hand, the latest on-chain data shows that the transaction volume of Shiba Inu is decreasing over time. The chart below from Santiment shows that Shiba’s trading volume dropped from $1.2 billion on April 25 to just over $530 million.
Declining volume means a lack of enthusiasm among investors. Also, the supply held by whales is falling at an alarming level. At the time of writing, it was standing somewhere around the 60 mark.
But not all news is so pessimistic for Shiba. As we quoted as Kriptokoin.com, SHIB has received significant demand, especially from Ethereum whales.
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