Memecon Shiba Inu continued to struggle this week as the cryptocurrency has depreciated by 17% in the past 7 days.
As the whales start to profit, Shiba Inu continues to fall
DOGE’s cousin token SHIB has been struggling this month as it fell for the third consecutive week. In the past 7 days alone, the value of memecoin has fallen by more than 17%.
In October, Shiba Inu once Amazing rally Even in accordance with encryption standards, in the past 30 days, cryptocurrencies have risen by 1,000%.
In this rebound, SHIB once entered the list of the top ten cryptocurrencies by market capitalization.In short, it even Exceed DOGE ranks 8th on the list.
However, since November, the token began to decline and has continued to fall since then. It didn’t take long for the Shiba Inu to fall below Dogecoin again, and soon afterwards it completely withdrew from the top ten.
Currently, SHIB is the 12th cryptocurrency in terms of market value. This is a table showing how it compares to DOGE:
The gap between the two memecoins widens | Source: coinmarketcap
DOGE has also experienced failure recently, but less experienced than SHIB. In terms of market value, Dogecoin seems to be clearly ahead of Shiba Inu.
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The reason behind the recent downtrend of tokens may be that whales have begun to sell.According to an article Coindesk, Since the beginning of this month, SHIB transactions worth more than $100,000 have been increasing.
SHIB whale activity seems to be on the rise | Source: Santiment
The figure above shows Shiba Inu transaction counts involving transfers worth more than US$100,000 and US$1 million.
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Such large transactions are related to whales, as shown in the picture, they have been on the rise since the beginning of November.
Recently, AMC Announce They are working with Bitpay to provide Shiba Inu payment options to their customers. Such news may be beneficial to tokens.
At the time of writing, the price of Shiba Inu is approximately $0.00004015In the past thirty days, the value of cryptocurrencies has risen by 4%.
The chart below shows the incredible rebound of SHIB in October and the subsequent decline.
The sharp rise of SHIB, followed by a gradual fall | Source: SHIBUSD on TradingView
Even after the recent drop in Shiba Inu’s price, cryptocurrency gains in the past three months are still close to 500%. During the same period, Dogecoin fell by 7%.
Featured image from Unsplash.com, charts from TradingView.com, Santiment.net