Shiba Inu (SHIB), a meme cryptocurrency, has continued to experience high volatility this week, shedding $7.26 billion in market capitalization. The coin, which has had extraordinary success this year, was trading at $0.000048, down 10 percent in the last 24 hours, with a seven-day loss of 21 percent.
Shiba Inu (SHIB) has continued to experience high volatility
Several reasons have contributed to the coin’s decline in value; however, whale activity is thought to be the primary cause. Early last week, a whale made four transactions totaling ten trillion (10,000,000,100,000) SHIB to four distinct wallets, causing the market to become volatile. A single transaction at the time was worth roughly $586 million.
SHIB is particularly vulnerable to future corrections, given that the majority of the cryptocurrency market is rebounding, led by Bitcoin. The coin has seen a rise in capital influx in recent weeks, contributing to the all-time high.
Furthermore, if the token’s inflows came from other cryptocurrencies, SHIB could see more withdrawals as investors seek to profit from other rising assets. In general, the coin’s current price fluctuation contrasts with its previous state, which saw it climb 300 percent last month.
SHIB even surpassed Dogecoin and into the top ten cryptocurrencies by market cap at one point. Despite the short-term drop, the Shiba Inu continues to make news, with more investors may be looking to acquire at the new cheap pricing. As previously reported, the number of Shiba Inu owners increased by 31.1 percent between October 10 and November 8, 2021, from 706,808 to 926,684.
SHIB’s popularity grew as a result of the coin’s social media conversion. In this vein, in October, the meme coin was the most referenced cryptocurrency on Twitter worldwide.
If SHIB is accepted for listing on popular retail investment platforms, it has the potential to get much more exposure. SHIB supporters are already campaigning for the token to be listed on Robinhood. At least half a million people have signed a petition to list SHIB, titled “Kindly request of Robinhood to list Shiba Inu coin!”
SHIB, which is based on the Shiba Inu dog breed, has led to an increase in demand for the breed in real life, which has coincided with an interest in the token.
SHIB’s popularity grew as a result of the coin’s social media conversion. In this vein, in October, the meme coin was the most referenced cryptocurrency on Twitter worldwide. As virtual life has grown increasingly interwoven with reality, Shiba Inu (SHIB) and Dogecoin (DOGE), two popular cryptocurrencies based on dogs, have seen a surge in demand.
According to Bloomberg, dog-themed cryptos like Dogecoin and Shiba Inu coin have witnessed a boom in popularity, and demand for real-life Shiba Inu has risen as well.
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Also read: Robinhood might list Shiba Inu but could take time
