Shiba Inu has been in the headlines for the entire month of October due to his meteoric rise. However, interestingly, the altcoin has been placed on the list of the biggest losers of the month. However, more than the currency, it is always about the investors. Perhaps, it is time for you to take stock of your investment in SHIB.
Shiba Inu loses its bark
While November 26 was a bad day for all altcoins, the SHIB situation was not limited to yesterday. After being kicked out of the top 10, the meme coin has been seeing regular drops throughout November. Consequently, throwing losses to its investors.
Although yesterday was the biggest drop in November for the entire crypto market, it was not the case for SHIB, as it had a greater than 20% drop on November 3.
Since then, the price has cascaded and investors have been steadily losing their earnings. At press time, SHIB has removed nearly 50% of all growth seen during its October rally.
Roughly 100,000 investors who hit the all-time highest price of $ 0.00003135 are turning out to be the hardest hit right now. But they are not alone, as more than 39% of all SHIB investors are currently at a loss.
However, with the downtrend going down for SHIB (ref. Shiba Inu Price Action Image – ADX less than 25), it appears that investors are preparing for a rally.
At the time of this report, the amount of SHIB being sold equals the amount being bought back. Well, there is a very strong possibility that these are whales possibly acquiring more SHIB.
Looking at the entire month, they have been very active with average volumes of $ 200- $ 300 million and even exceeded $ 1 billion on Nov 26.
Furthermore, given that whales alone control 68% of the entire supply, it would not be surprising if they tried to acquire more.
Regardless, SHIB’s loyal army continues to grow as the network achieved the one million keeper milestone on November 25 days ago. In addition, it also received support for deposits and withdrawals on Crypto.com through Cronos, so the adoption continues to increase.
This is a machine translation of our English version.