AKITA INU Price Analysis: Behind The Scenes Of Major Dump In Akita Inu

• Akita Inu coin is up +46.30% in the last 24 hours, while the current CoinMarketCap ranking is at 2517 CMP at $0.00001029
• The coin has a maximum supply of 100,000,000,000,000 AKITA and the volume traded is jumped by +26% standing at $298,969,434
• The pair of AKITA/BTC is trading with a gain of +59.68%, standing at 0.00000001 BTC; similarly, AKITA/ETH is CMP at 0.00000001 ETH, up by +50.61% 

Akita Inu coin is witnessing a sharp selloff or experiencing a massive dump of supply? AKITA is 100% decentralized and a meme-based token. According to the community, half of the tokens were with Vitalik Buterin, and the rest half were locked in a uniswap pool while wallet keys were burned. However, it also claims that it is the same token as SHIBA INU, built on different token matrics. 

Now, the question is, if the half supply is locked in a uniswap pool and the key is also burned, then who will dump the tokens? Vitalik Buterin has a 50% supply with him, he dumped or transferred all his tokens to Gitcoin. The recent transaction highlights the transfer of 49,340,000,069,420 AKITA tokens to Gitcoin: MultiSig. 

The investors seem trapped, and may Vitalik Buterin dump other holdings for COVID relief funding or self. So, investors have to invest with caution with this kind of a dump. 

How Big Players Trap Retailers In Their Pump & Dump Scheme

Akita Inu coin, after a massive rally, witnessed a significant selloff or dump. In contrast, it slipped nearly -61.44% from highs of $0.00002886 and currently trading at $0.00000935. The coin continuously faces selling pressure from the higher side, and it fails to hold Exponential moving averages (EMA) of 20. Over the 4-hours time frame, AKITA fails to recover and is now again heading towards 100-EMA. Support on the lower side is at $0.00000850 and $0.00000633, while resistance at $0.00001400 and $0.0000220. 

Relative Strength Index (BEARISH) indicates bearish momentum while trading at 49.62. However, after a sharp selloff, AKITA is again heading towards the oversold zone with no sign of recovery. 

Moving Average Convergence Divergence (BEARISH) currently indicates a bearish trend on the daily chart as it is trading with the significance of the seller’s line (red) over the buyer’s signal line (green) with no sign of recovery.  

Support levels:$0.00000850 and $0.00000633 

Resistance levels: $0.00001400 and $0.0000220.  

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