Shiba token collapsed by more than 25% in just a day

by in Cryptocurrency News


Shiba Inu (SHIBA) digital currency showed stunning results in October. This was already the second rise of the token. The first rally was observed in early May. On October 28, the altcoin price reached an all-time high.

However, this week the token began to lose ground, as many analysts had predicted earlier. The coin added in value aggressively, thanks to, among other things, Elon Musk's posts.

SHIBA was overbought in November, and its fall was inevitable.

On Friday night, November 5, the coin fell to $ 0.00005031 (-26%). The capitalization of the cryptocurrency deployed on Ethereum has decreased to $ 27.642 billion, the token has already departed from the top ten of CoinMarketCap.

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The SHIBA collapse was the result of its massive reset. The day before, traders sold tokens for a total of about $ 9.6 billion.

Most likely, the fall was triggered by the whales that pumped the token in October.

SHIBA's closest competitor is Dogecoin (DOGE). Both cryptocurrencies were created as comic projects, and their developers hardly expected that the coins would turn out to be such explosive tools.

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The price of DOGE is also now decreasing, but its losses are insignificant compared to Shiba Inu. This cryptocurrency has fallen in price by 2.5% over the past day to $0.262.