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Shiba Inu price dwindles as 13 trillion SHIB tokens get un-staked

Shiba Inu price dwindles as 13 trillion SHIB tokens get un-staked

Despite a brief bullish rally activated by the news that the crypto trading platform Binance had staked 4 trillion SHIB using ShibaSwap, Shiba Inu has failed to retain its momentum after new information came to light that the crypto exchange had actually un-staked nearly 13 trillion tokens beforehand.

Originally, Shiba Inu had soared to $0.000009593, up more than 17% from the weekly low of $0.000008173, after the news about Binance staking 4 trillion of the dog meme coin was shared by the Twitter profile of the SHIB burn tracking platform Shibburn on January 10.

However, the author of the tweet later backtracked to include additional information and to specify that 12,661,395,600,288 SHIB (worth $116,231,611 at the time) was previously un-staked from ShibaSwap by Binance before 4 trillion was then re-staked.

SHIB price reacts

After the newest development, the price momentum of the decentralized finance (DeFi) token was stopped in its tracks, causing Shiba Inu to lose as much as 4.94% on its daily charts, and currently changing hands at the price of $0.000008952.

That said, SHIB’s price at present still represents a solid increase of 8.25%, whereas its progress on the monthly charts currently stands at 0.56%, with a market capitalization of $4.92 billion, according to the data retrieved by Finbold on January 11.

Shiba Inu 7-day price chart. Source: Finbold

At the moment, the sentiment around SHIB on the 1-day gauges is in the ‘neutral’ zone, the result of the oscillators indicating ‘sell’ at 3 (as opposed to ‘buy’ at 1) and moving averages (MA) pointing toward ‘buy’ at 9 (compared to ‘sell’ at 5), as per the latest TradingView data.

Shiba Inu 1-day gauges. Source: TradingView

Elsewhere, on January 9, Finbold reported on Shiba Inu topping the list of the most popular cryptocurrencies as it ranked first on the trending list of the crypto tracking platform CoinMarketCap, followed by Bitcoin (BTC) and Polygon (MATIC). At press time, Bitcoin has unseated SHIB, which now ranks second by this indicator.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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