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Breaking News: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point
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Breaking News: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point

Shiba Inu Continues To Struggle As Price Declines 17% In Past Week

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 7:48 am
3 mins read
Shiba Inu

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Memecon Shiba Inu has continued to struggle this week as the crypto has lost 17% in value over the past seven days.

Shiba Inu Continues To Decline As Whales Start Taking Profits

DOGE’s cousin coin, SHIB, has been struggling this month as it tumbles down for a straight third week. Over the past seven days alone, the memecoin has lost more than 17% in value.

In the month of October, Shiba Inu had an amazing rally even by crypto standards where at one point the crypto was up 1000% over the previous 30 days.

During this rally, SHIB entered into the top ten crypto by market cap list for a while. And briefly, it even surpassed DOGE to claim the 8th spot on the list.

However, since November began, the coin started to lose ground, and has since continued to decline. It wasn’t long until Shiba Inu fell below Dogecoin again, and soon after it also exited the top ten list entirely.

Currently, SHIB is the number twelve crypto in terms of market cap. Here is a table that shows how it compares with DOGE:

Shiba Inu vs Dogecoin

The gap between the two memecoins widens | Source: coinmarketcap

DOGE has also seen loses recently, but they have been lesser than what SHIB has experienced. In terms of market cap, Dogecoin seems to be building a significant lead over Shiba Inu.

Related Reading | Twin Peaks: Comparing The Two 2021 Bitcoin Tops

The reason behind the coin’s recent downtrend may be the fact that whales have started to sell. As per an article by Coindesk, SHIB transactions with values above $100k have been increasing since the beginning of the month.

Shiba Inu Whales

SHIB whale activity seems to be on the rise | Source: Santiment

The above chart shows the Shiba Inu transaction counts of transfers that involve values greater than $100k and $1 million.

Related Reading | Brace For More Downtrend: 15% Of Bitcoin Supply Is Now In Loss

Such large transactions are associated with whales, and as the graph shows, they have been on the rise since November started.

Recently, AMC announced that they are partnering with Bitpay to bring the Shiba Inu payment option to their customers. Such news can be bullish for the coin.

SHIB Price

At the time of writing, Shiba Inu’s price is trading around $0.00004015. Over the past thirty days, the crypto has gained 4% in value.

Below is a chart that shows the incredible rally that SHIB had in October, and also the subsequent decline.

Shiba Inu Price Chart

The sharp rise of SHIB, followed by a gradual fall | Source: SHIBUSD on TradingView

Even after the latest decline in Shiba Inu’s price, gains for the crypto are still nearly 500% over the past three months. In the same period, Dogecoin is down 7%.

Featured image from Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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