Shiba Inu market cap rank pulls back to 13th place amid selling pressure
Meme coin Shiba Inu continues drifting lower from its all-time high of $0.00008 in October as "crypto markets are currently in a risk-off mode following the new highs made by bitcoin and ether [about] two weeks back," blockchain analytics firm Nansen told CoinDesk via written response.
SHIB tokens dip 10% to $0.000038 per coin intra-day.
Shiba's market cap of $20.7B falls from just over $40B towards the end of October, pulling its market cap ranking down to 13th place, with Crypto.com Coin just above at 12th, according to data from CoinMarketCap.
Perhaps the coin's decline is due to a rising number of wallets with substantial holdings that have reduced their SHIB positions recently, possibly due to taking profit, Nansen tells CoinDesk.
So-called whale transaction counts, the number of SHIB transactions valued at more than $100K, have been increasing since the start of November, which could imply a rise in near-term selling pressure, CoinDesk notes, citing data from Santiment.
$Dogecoin(DOGE.CC$, the 10th largest crypto, extends losses and is down nearly 9% this week.
Previously, (Nov. 22) Shiba Inu tokens extend losses as retail frenzy eases.
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Kieron Morley : remember when penny stocks were a thing? these are sub penny stocks literally with 3-5 zeros in front...LMAO that is the most insane thing we have witnessed.
Spider-Man to moon : Buy the dip dip
Sam White Spider-Man to moon: what no rockets?
MHfin : Shib is a long term investment for me like Gold, Real estate, Amazon and Apple. It's the future of finance and while it's being the future of finance it will bring world peace and reduce hunger.
2uEaAZ5u1B : The sooner these meme coins fade out, the better. Pure distraction.
H3U3lt3Ycd : Suckers relieved of their.wallets by the pied pipers who played them.
yo5swZ8f6A : i took profit