Shiba Inu (SHIB), a cryptocurrency meme, continued to experience high volatility this week, losing $ 7.26 billion in market cap. The coin, which has enjoyed extraordinary success this year, was trading at $ 0.000048, down 10% in the past 24 hours, with a loss of 21% over seven days.
Shiba Inu (SHIB) continued to experience high volatility
Several reasons contributed to the decline in value of the coin; however, whale activity is considered the main cause. Early last week, a whale made four transactions totaling ten trillion (10,000,000 100,000) SHIBs to four separate wallets, causing market volatility. A single transaction at the time was worth around $ 586 million.
SHIB is particularly vulnerable to future corrections, given that the majority of the cryptocurrency market is rebounding, led by Bitcoin. The coin has seen an increase in capital inflows in recent weeks, contributing to the all-time high.
Additionally, if token entries were from other cryptocurrencies, SHIB could see more withdrawals as investors look to profit from other rising assets. In general, the coin’s current fluctuation in price contrasts with its previous condition, which saw it climb 300% last month.
SHIB even overtook Dogecoin and was among the top ten cryptocurrencies by market cap at one point. Despite the short-term decline, the Shiba Inu continues to make the news, with more and more investors perhaps looking to acquire at the new cheap price. As previously reported, the number of Shiba Inu owners increased by 31.1% between October 10 and November 8, 2021, from 706,808 to 926,684.
SHIB’s popularity increased as a result of the coin’s conversion on social media. In this vein, in October, the same coin was the most referenced cryptocurrency on Twitter in the world.
If SHIB is accepted to be listed on popular retail investment platforms, it has the potential to gain much greater exposure. SHIB supporters are already campaigning for the token to be listed on Robinhood. At least half a million people signed a petition to register the SHIB, titled “Thank you for asking Robinhood to register the play Shiba Inu!” “
SHIB, which is based on the Shiba Inu dog breed, has led to an increase in demand for the breed in real life, which has coincided with an interest in the token.
SHIB’s popularity increased as a result of the coin’s conversion on social media. In this vein, in October, the same coin was the most referenced cryptocurrency on Twitter in the world. As virtual life is increasingly tied to reality, Shiba Inu (SHIB) and Dogecoin (DOGE), two popular dog-based cryptocurrencies, have seen an increase in demand.
Dog-themed cryptos like Dogecoin and Shiba Inu have boomed in popularity, according to Bloomberg, and demand for Shiba Inu in real life has also increased.
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Also Read: Robinhood Could Enroll Shiba Inu But Might Take Time