Shiba Inu, the doge-inspired meme dog that shot up in price just as quickly as it crashed back down to earth. Experts say this pattern of volatility is typical for a bubble market and not uncommon even among cryptocurrencies. Despite its recent dip, many are still enthusiastic about Shibes’ future potential.
The “shiba inu coin news today” is the next step for Shiba Inu (SHIB) following its 50% crash. SHIB has been trading at a low price for a while now, but the coin may be worth checking out if you are looking for an investment.
Shiba Inu has been on the rise recently, reaching an all-time high of $0.00008876 last week and leapfrogging Dogecoin in the process. However, since then, the contentious meme coin’s momentum has slowed significantly, causing a sell-off that saw the price plummet to $0.00004264 on Thursday, a 52 percent decrease in only seven days.
SHIBUSDT on TradingView.com is the source.
Given the magnitude of the loss, particularly at a time when huge capitalization like as Bitcoin have been relatively steady, critics are predicting that things will get worse. Are they, however, correct?
Shiba Inu lands on the ground again.
Shiba Inu’s price performance in October astounded skeptics, with a month-end gain of 730 percent. According to analysts, this was mostly because to speculations of the $SHIB token being listed on Robinhood and Kraken. However, these rumors have yet to be confirmed.
Things took a turn for the worst this week when a Shiba Inu whale transferred billions of $SHIB tokens, raising concerns of a large-scale exodus. In addition, the occurrence brought attention to the problem of whale dominance in the Shiba Inu environment.
As October drew to a conclusion, it was revealed that one trader had put $8,000 into $SHIB in August of previous year, and it had now risen to a massive $5.7 billion.
This same investor, according to Tom Robinson, co-founder of Elliptic, a crypto forensics blog, is responsible for shifting billions of dollars in tokens across four transactions, totaling $2.78 billion.
“It seems that four transactions totaling $2.78 billion were made out of that account yesterday, each transferring $695 million of SHIB to a separate account.”
Whoever it is bought the SHIB for a pittance on Uniswap approximately a year ago.”
$SHIB is dominated by whales.
According to address analysis, the top 10 holders own 67 percent of the Shiba Inu tokens. This is a modest decrease from the previous month’s result of 72 percent.
This has been seized upon by critics as another further proof of the company’s bad fundamentals. When it comes to the concentration of tokens in only a few hands, this is the situation.
Genuine crypto initiatives, according to crypto investor Aaron Brown, have a genuine use case and do not depend on hype or “who has how much of it” to change the price. Brown expressed worry that $SHIB’s ownership concentration indicates “a rigged game.”
“However, concentrated ownership indicates a rigged game for crypto with no underlying economics—whose value is decided only by speculation.”
The likelihood of $SHIB becoming listed was discounted by Robinhood CEO Vladimir Tenev, who cited regulatory scrutiny as the cause. While Kraken first said that they would sell the token if they received 2,000 likes on a tweet, despite receiving 80,000 likes, they have subsequently abandoned the plan.
With meme coins taking a beating in recent days, it’s time to consider if the hype train has run its course.
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The “shib coin price” is a question that has been asked by many people. The future of Shiba Inu (SHIB) following its 50% crash is unknown at this time.
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