Memecon Shiba Inu continues to struggle this week as 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 struggled this month as it collapsed for a third straight week. In the last seven days alone, the Memecoin has lost more than 17% of its value.
In October, Shiba Inu had an amazing rally, even by crypto standards, where crypto was up 1000% in the past 30 days at a time.
During this rally, SHIB entered the top ten crypto list by market cap for a while. And in short, it even surpassed DOGE to claim 8th place on the list.
However, since the beginning of November, the coin has lost ground and has continued to decline since then. It wasn’t long before Shiba Inu fell back under Dogecoin and shortly afterwards completely left the top ten list.
Currently, SHIB is the number twelve cryptocurrency in terms of market capitalization. Here is a table showing how it compares to DOGE:
The gap between the two memecoins widens | Source: coinmarketcap
DOGE has also seen losses lately, but these have been less than what SHIB has seen. In terms of market capitalization, Dogecoin appears to be gaining a significant lead over Shiba Inu.
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The reason for the coin’s recent downward trend could be the fact that whales have started to sell. According to an article by Coindesk, SHIB transactions valued above $ 100,000 have increased 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 wire transfers with values greater than $ 100,000 and $ 1 million.
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Such large transactions have been linked to whales, and as the graph shows, they have been on the rise since early November.
Recently, AMC announced that they are partnering with Bitpay to offer Shiba Inu payment option to their customers. Such news can be bullish for the coin.
At the time of writing, Shiba Inu is priced at around $ 0.00004015. In the past thirty days, crypto has appreciated 4% in value.
Below is a chart that shows SHIB’s incredible rally in October and the decline that followed.
The sharp rise of SHIB, followed by a gradual fall | Source: SHIBUSD on TradingView
Even after the recent drop in Shiba Inu’s price, the gains for the crypto are still close to 500% over the past three months. Over the same period, Dogecoin has fallen 7%.
Featured image from Unsplash.com, charts from TradingView.com, Santiment.net