SHIB has lost almost 50% since its all-time high on Oct 28 above $ 0.000088.
The token dropped out of the top ten cryptocurrencies, in which it remained for about a week.
Shiba Inu showed an amazing rally in October. The coin was actively growing in value, including thanks to the reports of Elon Musk.
However, this week the token began to lose ground, as many analysts had predicted earlier. SHIBA turned out to be overbought in November, and its fall was inevitable, cryptocurrency.tech writes.
The token collapse was the result of a massive dump, most likely triggered by the whales that pumped the token in October. The day before, traders sold tokens for a total of about $ 9.6 billion.
Shiba Inu fell for three reasons. First, the weakness of the entire crypto market. Secondly, the Kraken exchange did not list the token as promised on Tuesday. Robinhood is in no rush to do this either, although he mentioned the listing earlier.
Finally, Shiba Inu's profit-taking is in full swing. Coinbase noted last week that the average retention time for SHIB is only 11 days, which means there is no strong desire in the community to “skip” the token yet.
In addition, some holders were intimidated that the largest Shiba Inu whale transferred 40 trillion tokens ($ 2.8 billion) to various addresses on Tuesday.
Keith moved SHIB to four addresses, where they stayed, news.bitcointalk writes. While the reason for this move is unclear, the market has reacted sharply.
One investor suggested that "if the whale decides to sell all of its tokens, then the Shiba Inu will lose 99.99% of its value and its price will drop to almost zero."
SHIB inflows to centralized exchanges have skyrocketed, according to Santiment. In addition, since its peak on October 28, the number of unique addresses interacting with the SHIB token has dropped by 66.1%.
The latest data from Santiment shows that several more SHIB whales have moved their tokens: the number of SHIB transactions began to grow, reaching at least $ 100,000.
Get your free version of profitable trading robots here!