Since Shiba Inu founder Ryoshi has disappeared into oblivion, SHIB has started experiencing price instability like never before.
Although the coin was able to make up ground and rise 17% when the news broke, the investors are now in a state of confusion and dumping SHIB at the slightest glimpse of volatility.
As per the experts at on-chain data, even seasoned SHIB holders have started moving the stock they haven’t touched for a long time.
Putting things into a broader perspective, these investors are the ones who had stayed loyal to SHIB even when it was dropping like flies and showing no recovery signs.
SHIB hasn’t even budged even after the announcement of its very own metaverse. Normally, such positive news often spurs investors into action and motivates them to buy stock.
Due to the ongoing situation, SHIB has dropped nearly 90% from its All-Time High price (87.12%, to be precise).
Despite all the negatives, when we look at the price chart, we can still see investors buying Shiba Inu. So, it is probably not all doom and gloom.
There have been buying orders in excess of 2 trillion SHIB, which equates to $161 million. Although we can see some backing from certain loyal investors, the reality looks bleak for the meme coin.
It probably needs a shake-up or something positive from seasoned crypto influencers. Elon Musk, are you listening?
Also read: Shiba Inu Price Forecast 2022-2030