Shiba Inu Has Experienced an 82% Pull Back Since Vitalik Donated and Burnt Some Of His SHIB
The report by the team at CoinGecko went on to point out that the value of Shiba Inu (SHIB) hit an all-time high value of $0.00003791 on 10th May. Two days later, and on the 12th of May, Vitalik Buterin donated over 50 Trillion SHIB to the India COVID Relief Fund. This amount of SHIB was worth roughly $1 Billion with Vitalik opting to burn 90% of the rest of his SHIB holdings.
The sequence of events by Vitalik Buterin thus resulted in Shiba Inu correcting by roughly 82% to its current value of $0.0000068, two months later.
Shiba Inu (SHIB) is Still in Bear Territory, With $0.0000055 Acting as a Good Support Zone
From a technical analysis point of view, not much has changed for Shiba Inu (SHIB) in the crypto markets. A quick glance at the 6-hour SHIB/USDT chart reveals that the digital asset is still in bear territory as it continues to trade below the 50, 100 and 200 moving averages as seen in the chart below.
In addition, the following can be observed from the 6-hour SHIB/USDT chart:
- SHIB has experienced a death cross on the 6-hour chart. The 50-moving average has crossed the 200-MA from the top
- $0.0000055 is acting as a support zone on a macro level
- The daily MACD has crossed in a bullish manner hinting of renewed buying interest
- The 6-hour MFI and RSI also confirm a potential reversal for SHIB
- However, a confirmation of a bullish environment will arrive once SHIB reclaims the 50-MA, on the 6-hour chart, as support
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