Shiba Inu (SHIB) is facing a potential problem: a massive amount of tokens could be dumped on the market. This comes from Genesis Trading, a bankrupt crypto firm that owes a lot of money to its creditors.
The Genesis Problem
Genesis Trading holds a whopping 21.9 billion Shiba Inu tokens. They’re trying to pay back their creditors, and part of that repayment might involve selling these tokens. This could cause a huge drop in the price of SHIB.
Whale Watch
But there’s a glimmer of hope: big investors, known as whales, are buying up SHIB. They’ve been very active recently, with a huge spike in transactions involving over $100,000. These whales could potentially help absorb the impact of a Genesis dump.
Shiba Inu’s Comeback
SHIB has been recovering well after a recent slump. It’s trying to break back above $0.00002, and some analysts are even predicting it could reach $0.001.
The Bottom Line
The future of SHIB is uncertain. If Genesis dumps its tokens, the price could plummet. However, if whales continue to buy, it could mitigate the damage. It’s a high-stakes game with a lot of potential for both gains and losses.
