Memecon Shiba Inu is still struggling this week, as the crypto lost 17% during the previous seven days.
The Shiba inu continues to decline as whales take profits
DOGE’s cousin coin, SHIB, has been struggling this month as it tumbles down for a straight third week. The memecoin’s value has dropped more than 17% over the last seven days.
The month of October saw a remarkable rally by Shiba Inu, even according to crypto standards. At one stage the crypto had risen 1000% in the past 30 days.
SHIB climbed to the number 10 spot on the crypto market capital list during this rally. It even managed to surpass DOGE for the eighth spot.
Since November, however, the coin began to fall and it has continued to slide ever since. It wasn’t long until Shiba Inu fell below Dogecoin again, and soon after it also exited the top ten list entirely.
SHIB currently ranks as the twelveth most popular crypto by market capital. Below is the table showing how SHIB compares to DOGE.
The gap between two cryptocurrency coins widens. Source: coinmarketcap| Source: coinmarketcap
DOGE has had some losses in recent months, however they are less than SHIB. Dogecoin has a large market cap advantage over ShibaInu.
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The reason behind the coin’s recent downtrend may be the fact that whales have started to sell. According to Coindesk’s article, SHIB transactions exceeding $100k in value have increased since the start of the month.
SHIB whale activity appears to be increasing | Source: Santiment
This chart displays the Shiba Inu transactions involving transfers with values exceeding $100k or $1 million.
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These large transactions often are linked to whales. The graph below shows that they’ve been increasing since November began.
AMC recently announced that Bitpay will be partnering with them to offer the Shiba Inu payments option to customers. This news could be a bullish sign for Bitcoin.
At the time of writing, Shiba Inu’s price is trading around $0.00004015. In the past 30 days, crypto’s value has risen 4%.
Below you will find a chart that illustrates the amazing rally SHIB enjoyed in October as well as the subsequent fall.
SHIBUSD's sharp rise, then a slow fall. Source: TradingView| 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. Dogecoin’s price has fallen 7% in the same period.
Unsplash.com featured image, Charts from TradingView.com and Santiment.net charts