Without a doubt, Shiba Inu is the crypto-currency that has attracted the most attention in recent weeks. In the space of a month or so, the price has multiplied with a performance of over 1000%. However, things are looking much worse again. SHIB is nowhere near its all-time high. Last week, the price corrected by more than a quarter. While the crypto market as a whole is currently solid and even rising slightly, Shiba Inu’s correction continues. What does SHIB Hodler need to know now, and could a trend reversal be imminent?
Sharp fall in SHIB prices
The end of November was anything but satisfactory for Shiba Inu. The dynamic upward movement came to an end. More and more investors sold or reduced their stakes in SHIB. Since the record high, the price of Shiba Inu has fallen by around half. In the last trading week alone, the price lost around 25% of its value. In the last 24 hours, SHIB’s share price has already fallen by 10%.
Kraken’s listing a long way off
Last Monday, news circulated that renowned crypto-currency exchange Kraken was considering listing SHIB. Via Twitter, Shiba Inu fans were invited to give 2,000 likes so that they could then trade the meme’s token on Kraken. The 2000 likes were reached in a very short time. However, the listing announced the following day failed to materialize. Instead, those in charge indicated that a review of the list was underway. Clearly, they had taken the mouth too full. This had a negative effect on Kraken’s reputation, as the marketing stunt backfired. Indeed, Shiba Inu fans want to turn away from the crypto-currency exchange and are threatening to give Kraken negative reviews. While a new listing could have provided a bullish impetus, this delay is instead a reason for investors to further reduce their SHIB holdings. After all, there are probably enough negative impulses at the moment.
Is the price of Shiba Inu imploding after profit-taking?
The technical situation for Shiba Inu has deteriorated considerably. The meme coin bubble is currently threatening to implode. In addition, there is a threat of profit-taking by large investors after a whale transferred its Shiba Inu holdings to different portfolios. Although no sale has yet taken place, many investors see this transaction as a sign that the SHIB whale, with over 5% of tokens in circulation, is preparing to sell. To this end, invested investors could limit the damage and sell their remaining SHIB tokens. This would only exacerbate the downward momentum.
Buy a Shiba Inu coin now?
At present, Shiba Inu’s downward trend continues. The correction does not yet seem to have bottomed out. Sentiment is clearly more negative. Recently, a downward dynamic has developed, which many meme coins have had to learn before. Major investors are dragging their feet and may be preparing to take profits. The so-called SHIB Army cannot currently win the battle against crypto bears. At the same time, there is an ever-present danger that Shiba Inu will suffer the fate of other meme currencies and that the price will sooner or later return to its initial level. As long as bearish momentum prevails, investors should refrain from buying Shiba Inu. Wait and see is the motto here for the time being!
