On Wednesday, the altcoin Shiba Inu (SHIB) collapsed to a minimum level ($0.000036) over the past month and continues to decline for the fourth week in a row.
After reaching a historical record above $0.000086 at the end of October, the coin has already lost about 60% and today ranks only 13th in the ranking of leading digital assets by capitalization. By the way, during the past month, an altcoin has increased in price by more than 1000%.
However, today, against the background of a global drop in interest in SHIB, large holders of the asset (crypto-whales) have begun to actively sell the virtual coin to fix profits. In addition, the number of short-term speculative traders selling the meme coin after the previous rise in its price has significantly increased. An additional downward factor for Shiba Inu was the decline in the global crypto market after BTC reached record levels two weeks ago.
The day before, thanks to the WhaleStats service, it became known that the number of Shiba Inu holders reached a record high of 995,000. At the same time, the number of wallets transferring SHIB to the addresses of cryptocurrency exchanges has also increased, but the trading volume of the meme coin, which was the most popular asset on exchanges just a month ago, has significantly decreased.
Crypto market analysts are confident that SHIB has entered a bearish trend, which may end with the coin falling to the level of $0.000024.
Despite such a bright negative trend of SHIB, the number of unique addresses on the balance of which the coin is located continues to increase. So, on November 11, when the fall of altcoin was actively gaining momentum, their number exceeded 1 million.
At the same time, the main competitors of Shiba Inu began to confidently shift the altcoin lower and lower. The day before, Decentraland and Sandbox tokens reported a 30% rise in just a day, but they could not match the success of the cryptocurrency Crypto.com Coin, which reached a historical record after a 20% jump. So, over the past 7 days, the price of the token has increased by more than 90%, thanks to which the coin took 12th place (leaving behind Shiba Inu) in the ranking of the leading cryptocurrencies by capitalization. At the same time, the level of market capitalization of Crypto.com Coin exceeded $23 billion.
The material has been provided by InstaForex Company - www.instaforex.com