Memecon Shiba Inu has continued to struggle this week as the crypto has lost 17% in value over the past seven days.
Shiba Inu Continues To Decline As Whales Start Taking Profits
DOGE’s cousin coin, SHIB, has been struggling this month as it tumbles down for a straight third week. Over the past seven days alone, the memecoin has lost more than 17% in value.
In the month of October, Shiba Inu had an amazing rally even by crypto standards where at one point the crypto was up 1000% over the previous 30 days.
During this rally, SHIB entered into the top ten crypto by market cap list for a while. And briefly, it even surpassed DOGE to claim the 8th spot on the list.
However, since November began, the coin started to lose ground, and has since continued to decline. It wasn’t long until Shiba Inu fell below Dogecoin again, and soon after it also exited the top ten list entirely.
Currently, SHIB is the number twelve crypto in terms of market cap. Here is a table that shows how it compares with DOGE:
The gap between the two memecoins widens | Source: coinmarketcap
DOGE has also seen loses recently, but they have been lesser than what SHIB has experienced. In terms of market cap, Dogecoin seems to be building a significant lead over Shiba Inu.
Related Reading | Twin Peaks: Comparing The Two 2021 Bitcoin Tops
The reason behind the coin’s recent downtrend may be the fact that whales have started to sell. As per an article by Coindesk, SHIB transactions with values above $100k have been increasing since the beginning of the month.
SHIB whale activity seems to be on the rise | Source: Santiment
The above chart shows the Shiba Inu transaction counts of transfers that involve values greater than $100k and $1 million.
Related Reading | Brace For More Downtrend: 15% Of Bitcoin Supply Is Now In Loss
Such large transactions are associated with whales, and as the graph shows, they have been on the rise since November started.
Recently, AMC announced that they are partnering with Bitpay to bring the Shiba Inu payment option to their customers. Such news can be bullish for the coin.
At the time of writing, Shiba Inu’s price is trading around $0.00004015. Over the past thirty days, the crypto has gained 4% in value.
Below is a chart that shows the incredible rally that SHIB had in October, and also the subsequent decline.
The sharp rise of SHIB, followed by a gradual fall | 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. In the same period, Dogecoin is down 7%.
Featured image from Unsplash.com, charts from TradingView.com, Santiment.net
Adblock test (Why?)