Shiba Inu Continues To Struggle As Price Declines 17% In Past Week
November 25 2021 - 2:00PM
NEWSBTC
Memecon Shiba Inu has continued to struggle this week as the crypto
has lost 17% in value over the past seven days. Shiba Inu Continues
To Decline As Whales Start Taking Profits DOGE’s cousin coin, SHIB,
has been struggling this month as it tumbles down for a straight
third week. Over the past seven days alone, the memecoin has lost
more than 17% in value. In the month of October, Shiba Inu had an
amazing rally even by crypto standards where at one point the
crypto was up 1000% over the previous 30 days. During this rally,
SHIB entered into the top ten crypto by market cap list for a
while. And briefly, it even surpassed DOGE to claim the 8th spot on
the list. However, since November began, the coin started to lose
ground, and has since continued to decline. It wasn’t long until
Shiba Inu fell below Dogecoin again, and soon after it also exited
the top ten list entirely. Currently, SHIB is the number twelve
crypto in terms of market cap. Here is a table that shows how it
compares with DOGE: The gap between the two memecoins widens |
Source: coinmarketcap DOGE has also seen loses recently, but they
have been lesser than what SHIB has experienced. In terms of market
cap, Dogecoin seems to be building a significant lead over Shiba
Inu. Related Reading | Twin Peaks: Comparing The Two 2021
Bitcoin Tops The reason behind the coin’s recent downtrend may be
the fact that whales have started to sell. As per an article by
Coindesk, SHIB transactions with values above $100k have been
increasing since the beginning of the month. SHIB whale activity
seems to be on the rise | Source: Santiment The above chart shows
the Shiba Inu transaction counts of transfers that involve values
greater than $100k and $1 million. Related Reading | Brace For
More Downtrend: 15% Of Bitcoin Supply Is Now In Loss Such large
transactions are associated with whales, and as the graph shows,
they have been on the rise since November started. Recently, AMC
announced that they are partnering with Bitpay to bring the Shiba
Inu payment option to their customers. Such news can be bullish for
the coin. SHIB Price At the time of writing, Shiba Inu’s price is
trading around $0.00004015. Over the past thirty days, the crypto
has gained 4% in value. Below is a chart that shows the incredible
rally that SHIB had in October, and also the subsequent decline.
The sharp rise of SHIB, followed by a gradual fall | Source:
SHIBUSD on TradingView Even after the latest decline in Shiba Inu’s
price, gains for the crypto are still nearly 500% over the past
three months. In the same period, Dogecoin is down 7%. Featured
image from Unsplash.com, charts from TradingView.com, Santiment.net
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