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SHIBA INU is shrinking rapidly - is collapse inevitable?
Shiba Inu Token (SHIB) Accelerates Its Fall On Thursday, Along With Bitcoin And The Whole Cryptocurrency Market
Nov 18, 2021
2 min read
Anna BakkerNews analyzer

The 11th cryptocurrency has lost more than 10% in the last 24 hours, showing the maximum decline in the top twenty of the CoinGecko ranking.

SHIB broke November 4 lows around $ 0.000043, testing more than three-week lows above $ 0.000041. The token falls on Thursday along with the entire cryptocurrency market. Bitcoin also hit its weekly lows of around $ 58.3K, testing the lows for the month.

“The graphical picture at this point is quite alarming: Bitcoin is drawing its fifth consecutive daily candlestick decline, and each intraday low is lower than the last. We draw attention to the cautious approach of the bulls, who are in no hurry to buy and are waiting for clearer signals to enter the market, "said the GravityPlus analyst team.

Even the positive news about the expansion of its use has not yet helped the Shiba Inu.

500 consumers have started accepting payments in Shiba Inu through the CoinGate cryptocurrency gateway, happycoin.club writes. Samsung-backed digital wallet provider ZenGo added the token to its platform on November 17. At the end of last week, the American cryptocurrency exchange Gemini listed Shiba.

Growing acceptance could be a catalyst for higher purchase prices. SHIB considering that in July it has risen in price after the launch of the Dewaporated interface.

On November 17, an unknown investor conducted two transactions to buy the Shiba Inu cryptocurrency. In total, a large holder bought 171 billion tokens worth about $ 8.3 million, the WhaleStats service drew attention to this, writes ihodl.

New data shows that Shiba Inu is among the ERC-20 tokens, the maximum number of Ethereum's 1,000 largest whales stored. According to WhaleStats, the largest Ethereum wallets have amassed 21.68% of the total SHIB market share of $ 2.35 billion. The next largest asset is the Crуpto.com CRO token (5.54% for $ 60Z, 9 million).

Meanwhile, many experts believe that a token collapse is "inevitable." “This is the risk of such meme-coins - after playing enough and making money, investors will leave them,” says Mikhail Karkhalev, an analyst at the Currency crypto exchange.

“Shiba Inu has not yet managed to gain a significant reputation and become a blockchain project, the value of which does not depend on the hype,” says Anton Kravchenko, CEO of Xena Financial Systems.

According to the forecast of Nikita Soshnikov, director of the cryptocurrency exchange service Alfacash, in the near future Shiba Inu may be strongly corrected, but then it will show growth again.

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