Shiba Inu wasted its profits at the tail-end of October, which allowed it to grow its total market cap to $7.29 Billion.
According to Tracking from, SHIB’s current value is $0.00001242 at the time this article was written. Coingecko. Although it is still higher by 16% for the seven-day period, it has started to fall after reaching $0.00001421 October 30.
Analysts believed that crypto assets would once more fail to continue their bullish rallies and it would be in a downtrend and be poised for a return to prices prior to October 25 crypto market rally. Elon Musk’s Twitter takeover.
If Shiba Inu’s current price trends are any indication, Shiba Inu seems to be heading that way.
Shiba Inu Saved by Whales
Four people were rescued by the SHIB network on November 2nd. Whale transactionsThese were indicative of substantial buying pressure.
During the same time, the altcoin registered a $110 million increase in its market capitalization, a development that once again proved that whales indeed have bigger impact on an asset’s price.
While details about the transactions have not been released at press time, it is evident that Shiba inu was able to get back to the green zone for its intraday performance. Its performance increased by 2% during the past 24 hours.
It would seem that the whales (big investors) that are to be credited for the recent buying pressure observed relative to the crypto averted the crypto’s return to a downward movement, at least for now.
SHIB is still one of the best-performing cryptocurrencies, growing by 16.2% in a span of seven days.
Investors, however, are still cautioned to keep a close watch at the altcoin’s progress over the next few days as it is walking on extremely thin ice.
SHIB continues to be plagued by low demand
Towards the end of October, Shiba Inu got a lot of help for its price rally as it mirrored the movement of Dogecoin which rallied following Elon Musk’s Completion of the saleThis enabled him to become the social media giant Twitter.
This was a double-edged blade as SHIB plummeted when DOGE lost its momentum.
Another factor that continues to hurt the crypto’s chances for sustained price surgesIt is not in strong demand.
On network level, there is limited retail involvement, indicating that daily active addresses weren’t enough to push demand for SHIB tokens to significant levels that could support more upswings in trading prices.
Featured image from Pixabay, Chart: TradingView.com| Featured image from Pixabay, Chart: TradingView.com Disclaimer: The author's analysis of the crypto market is his personal view and should not be considered investment advice.