Overview

Shiba Inu (SHIB) witnessed a 6% drop during a 24-hour selloff influenced by new U.S tariffs affecting Bitcoin and a strong dollar. This decline comes as the number of SHIB tokens on exchanges rose to 84.9 trillion on July 28, indicating a potential whale distribution despite a significant accumulation of $63.7 million worth of 4.66 trillion SHIB.

Key Points

• SHIB plunged 6% in trading from July 31, 13:00 to August 1, 12:00, dropping from $0.000013 to $0.000012.
• Despite the downturn, indicators suggest a bullish reversal could occur if SHIB maintains above $0.00001108.

Market Insights

• The selloff saw prices reach their lowest point since July 9, continuing the decline that began from mid-July highs near $0.00001600.
• The uptick in SHIB tokens held indicates a more robust distribution scenario while the burn rate escalated to 16,700%, with 602 million SHIB tokens destroyed during coordinated actions.

Conclusion

The technical terrain remains optimistic, with supportive signals reflected in July’s inverted hammer candle structure. However, traders should be cautious of potential losses should SHIB dip below the low of $0.00001108.