Here are the findings from a new survey that examined which cryptocurrencies Americans want to sell the most.
Most US investors plan to sell Shiba Inu
In first place was Shiba Inu, with 19 states, in second place Bitcoin with 17 and in third place Dogecoin with 8. Ethereum (4) and Cardano (3) followed.
The research was conducted by Los Muertos, and analyzed data from Google Trends to determine which cryptocurrencies had the highest searches per state for the possibility of being sold.
Among the major US states where Shiba Inu emerged as the cryptocurrency with the most interest in being sold were Florida, Nevada, New York and Tennessee.
Bitcoin, on the other hand, came first in states such as Illinois, Pennsylvania, Oregon and Kansas.
Dogecoin came first in smaller states such as Minnesota, Wyoming, Hawaii and Delaware.
In California, Ethereum came first, as did Georgia, Louisiana and Maine.
Cardano came out first in Utah, New Jersey and New Mexico.
Particularly striking is the fact that in New York State, one of the most populous and the home of the main US financial markets, Shiba Inu turned out to be the cryptocurrency with the most selling pressure.
By contrast, it is not at all surprising that in California, another much more populous state, but also home to the country’s major technology companies, it turned out to be Ethereum, because ETH is by far the most widely used cryptocurrency in the blockchain space. Therefore, it is possible that it was the most bought in 2021, and now it also turns out to be the one with the most selling pressure.
It is very likely that these selling pressures are due to the sharp drop in prices, as in this situation many of those who bought in 2021 are currently at a loss, and would therefore like to get rid of these investments that have proven to be underperforming in the short term.
Prices and analysis of major crypto
The price of Shiba Inu today, for instance, is 90% below the October highs, and 36% below the values of a month ago.
Bitcoin is -68% from the highs, and -27% from a month ago, while Dogecoin is -92% from the highs and -38% from a month ago.
ETH is -76% from the highs, and -43% from a month ago, while ADA (Cardano) is -84% from the highs and -10% from a month ago.
In such a scenario, it is more than reasonable that selling pressure is high, especially since most buyers probably made their crypto purchases last year at prices well above the current ones.
Gonku of Los Muertos commented on the research findings saying:
“The cryptocurrency market has seen the biggest crash in history this year, with prices across all cryptocurrencies dipping as a result.
This study offers incredible insight into where various cryptocurrencies are potentially being sold from across America, with Shiba Inu being the most popular to sell on the internet. It will be interesting to see if these findings will be reflected in future prices”.