From the highs of the end of October, SHIB has lost almost 60%, having rolled back to 12th place in the ranking of cryptoassets by capitalization.
Interest in the token on Google has dropped more than fourfold. Crypto whales sell the coin to lock in profits.
The Shiba Inu meme token has been declining for the fourth consecutive week. The situation is aggravated by the decline in the entire crypto market after Bitcoin reached record highs two weeks ago.
According to the analyst firm Nansen, the fall in SHIB is taking place against the background of liquidation of positions by large holders in order to fix profits. This is evidenced by blockchain data, writes ttrcoin.
The Santiment data also confirms an increase in the number of token transactions of over $ 100,000 since the beginning of the month. The number of wallets transferring coins to crypto-exchange addresses has also increased.
Short-term speculative buyers are also selling the token, attracted exclusively by the previous rapid growth in the price of the asset.
The trading volumes of SHIB, which until recently was the most traded asset on the stock exchanges, dropped significantly. At the same time, the turnover of virtual reality related tokens such as Decentraland (MANA) and Sandbox (SAND) has grown.
According to the number of searches in Google, interest in Shiba Inu is now estimated at only 22 points, up from the highs of 100 at the end of October.
Analyst Alex Kruger believes Shiba Inu has entered a bearish cycle. Some traders believe the bottom is expected to be around $ 0.000024.
Despite all the negative trends, the number of unique addresses with SHIB on their balance continues to grow. On November 11, when the price was already falling, their number exceeded one million. Retail interest still remains, and no one wants to miss out on a get-rich-quick opportunity, Nansen concludes.