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Elon Musk's favorite Shiba Inu crashes more than 20%, plight of cryptocurrency continues. 0 ahead ?

Shiba Inu (SHIB) has fallen by 23% during Thursday's trading, coming in near the low of $0.000043 and dropping out of the top ten cryptocurrencies.

Notably, in late October SHIB performed a spectacular rally largely due to short posts, which CEO of Tesla Ilon Musk left in his Twitter. So, on October 28, the altcoin hit all-time highs, climbing above $0.000088.

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However, this week Shiba Inu began to demonstrate a downtrend, predicted by many crypto-experts. The dramatic fall of the coin occurred amid a large-scale dumping of the asset by major investors (whales), who forced the cryptocurrency up in October. For example, the day before, market whales sold SHIB in total of about $9.6 billion.

Digital asset market analysts give some other reasons for the decline in the value of the meme coin. First, the weakness of the global crypto market.

Secondly, active profit taking on the dog coin. Thus, according to the data of the cryptocurrency exchange Coinbase, published last week, the average holding time of Shiba Inu is only 11 days.

Thirdly, the news that online broker Robinhood Markets Inc is not going to list the altcoin in the near future, which Shiba Inu fans have been waiting for a long time.

Finally, the most terrible blow to the coin meme was the completely unexplained event last Tuesday, when the largest SHIB whale moved 40 trillion (about $3 billion) of assets to four different addresses, where they remain now.

Some crypto market experts suggest that if the whale sells all the Shiba Inu coins it has, the cryptocurrency will lose about 99.99% in value and risk falling to almost zero.

Amid the negative news, fans of the dog coin sounded the alarm and asked Amazon founder Jeff Bezos for assistance. The SHIB community requested the online company to accept altcoin as a payment method. However, analysts believe such a scenario is unlikely.

The material has been provided by InstaForex Company - www.instaforex.com