Given that Shiba Inu’s price had already gained more than most other cryptocurrencies, it was likely to see higher percentage losses as well.
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- 2. Shiba Inu still needs to build its metaverse
- Why is shiba dropping
- 1. Shiba Inu had further to fall
- Why is shiba dropping so much
- Why is shib dropping
- But there’s a good news
- Why is shiba dropping today
- Why is shiba falling
- Why is shib price dropping
- Why is shiba crypto dropping
- Why is shib falling today
- Key points
- Why is shiba decreasing
- Why is shiba losing value
- All bark and no bite?
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2. Shiba Inu still needs to build its metaverse
In early February, Shiba Inu announced plans to enter the metaverse — currently code-named Shiberse. Its first step in developing the Shiberse will be to auction land, and according to its blog, LEASH-holders (LEASH is a Shib-related token) will get exclusive access to the first phase of sales.
We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others.
Why is shiba dropping
But Shiba Inu has fallen a lot farther than market leader Bitcoin (BTC), which is down 15% in the same time period.
Here are some of the reasons for SHIB’s 25% price drop.
1. Shiba Inu had further to fall
Let’s zoom out slightly and look at Shiba Inu’s price performance over the past month. Its price is actually up around 17% in the past 30 days (compared to Bitcoin, which is only up 5%).
This is because SHIB jumped over 45% at the start of February on news of its metaverse plans.
Since then, uncertainty over the developing Russia-Ukraine crisis has hit the whole crypto industry.
Why is shiba dropping so much
Currently, Shiba Inu has the support of $0.000047 and if the support declines further, there are chances of Shiba Inu crashing massive. Currently, as per FxEmpire Shiba Inu must hold key support to avoid total capitulation, which is $0.000040. If Shiba Inu fail to maintain this support, the coin may lose over 80% of its current value.
Whales Selling Excessively
The recent rise of Shiba Inu was triggered by Shiba Whale pumping massively, however, as the price started rapidly, the Whales made a huge profits, therefore, the big whales dumped heavily and made huge profits out of it. Currently, the whales According to data from coinmarketcap.com, just 10 investors control a jaw-dropping 66% of the total Shiba Inu supply.
Why is shib dropping
At press time, active withdrawals were 23 transactions on a seven-day moving average.
This is sharply down from active withdrawals of over 1,700 on a seven-day moving average in November 2021.
This sharp decline in active withdrawals indicated fewer SHIB transactions involving withdrawals from exchanges. This means that exchange participants kept their SHIB on exchanges to sell rather than move it into private wallets.
This potentially could indicate that selling momentum rose in the meme coin’s markets.
But there’s a good news
SHIB witnessed significant demand, especially from Ethereum whales.
Gimli, one of the 10 richest Ethereum whales, increased the amount of SHIB tokens in its account.
Why is shiba dropping today
SHIB/USD weekly chart
One element that could ease the weight of the bearish backpack is when those tail risks can be deflated.
That would come with some dovish comments from the FED or BOE or if the Ukraine news flows fades further to the background as the situation on the ground stabilises.
Why is shiba falling
According to CoinMarketCap.com, popular pup meme coin, Shiba Inu, has seen a significant price drop of nearly 15% over the past 24 hours. Originally shilled as a “Dogecoin killer” when it launched in August 2020, the $SHIB token price soared more than 40% in 48 hours when Coinbase (NASDAQ:COIN) announced that it would list the dog-themed coin in September 2021.
Courtesy: CoinMarketCap.com, Shiba Inu, November 4, 2021
While there’s no specific trigger event for this chart drop that pushed Shiba Inu out of the top-10 crypto projects ranked by market cap, Shiba Inu has a serious centralization issue. Its trading page shows that nearly 70% of Shiba’s total circulating supply is consolidated in 10 wallets.
And no one knows if those 10 wallets are all held by different investors or one or two individuals.
Why is shib price dropping
Shiba Inu Price Prediction and Forecast: For the next 24 hours the price of Shiba INU is predicted to be in the range of $ 0.000040 and $ 0.000046. Overall Recommendation for next 24 hours isNeutral
Here is Why Shiba Inu Is Crashing Today
Shiba Inu touched an all-time high of $0.000088 in October. However, since then Shib token has lost almost all the gains that it had made last month.
The price of Shiba Inu has been between $0.000050 and $0.000055 in the last few days. However, since Tuesday, Shiba has fallen below $0.00005.
Why is shiba crypto dropping
Worldwide Google search queries entailing the keyword ‘Shiba Inu’ have fallen to their lowest level in over a year during July.
Source: Google Trends
Unfortunately, on-chain metrics showcased a similar scenario.
Shiba Inu’s trading volume has been decreasing over time.The chart from Santiment given below showed that the token’s transaction volume plummeted from $1.2 billion on 25 April to the current value of just above $530 million.
The decreasing volume could imply a lack of enthusiasm amongst investors. And, here’s one scenario that could explain this.
The supply held by top addresses has been declining at an alarming level. At the time of writing, it stood somewhere around the 60 mark.
Active withdrawals of SHIB have also been painting a bearish picture for the token.
Why is shib falling today
Image source: Getty Images
Here are some of the reasons for SHIB’s 25% price drop.
- Shiba Inu has dropped 25% in two weeks, but it’s still up 17% in the past month.
- It’s early days for the Shiba Inu metaverse, and questions remain about SHIB’s utility.
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Shiba Inu’s (SHIB) price has fallen 25% in the past fortnight, according to CoinGecko data. Given that the whole crypto market has slumped again in recent weeks, this drop isn’t so surprising.
Why is shiba decreasing
In contrast, Shiba Inu has a fairly unexciting DEX and a metaverse that’s under construction.
When you look at the rags-to-riches stories of Shiba Inu and Dogecoin, it is tempting to think that you might be able to get rich on the back of these pet coins. The trouble is that a lot of people have also lost money buying SHIB.
Why is shiba losing value
Shiba Inu [SHIB] continues to see unprecedented demand from whales despite the bearish market. However, fundamentals on-chain metrics still paint a grim scenario whatsoever.
All bark and no bite?
SHIB hasn’t been able to recover its seven-day losses while most of the top 20 coins have successfully done so. The meme token was 4.95% down over the week.
At press time, the #16 largest token barely saw any price uptick as per data from CoinMarketCap.
It traded along the same old ‘consolidated’ $0.00001 mark. Clearly, something isn’t going SHIB’s way here.
Shiba Inu had an amazing 2021 run. However,its fortune is declining due to a decrease in interest in the token.
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