Shiba Inu (SHIB) dipped further after being on a downward trajectory for the last few days. Only last week, the meme token hit an all-time high of $0.000088. However, SHIB is currently changing hands at $0.00005364, down 17.05%, and a further 32.88% within the last week. The asset has now lost $14.84 billion of its market cap, falling from $44.57 billion in the last week of October to $29.73 billion on November 4th.
Data reveals that only 10 individuals are in possession of 71% of SHIB tokens, and this has raised some concerns. Adding to the general concern is the fact that one of these owners is reportedly moving large sums of money around the blockchain. Generally, actions like this could have far-reaching effects on the fortunes of other investors. For instance, someone transferred 40 trillion tokens (about $2.3 billion) out of one wallet into four other wallets. This sent shockwaves, spurring rumors that the person was planning to liquidate their assets.
In spite of SHIB’s recent happenings, the token and its closest rival Dogecoin (DOGE) are still the most popular crypto on India’s exchanges. In addition, only last week, they recorded the highest trading volume.
Both SHIB and DOGE’s rising popularity stem from social media activities, along with support from celebrities.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
