The Shiba Inu (SHIB) cryptocurrency experienced another downturn on Wednesday night, distancing itself further from its recent all-time high of $0.000088. This decline continues a downward trend observed since late October, when the token initially surged in value.
As of Thursday morning, SHIB was trading at approximately $0.000056**, marking a **14% drop** over the previous 24 hours. Its market capitalization now stands at **$30.7 billion, according to CoinMarketCap.
Whale Activity Sparks Market Concerns
Recent reports indicate heightened anxiety among SHIB holders due to significant wallet movements by one of its top investors—referred to as a "whale." Approximately 71% of SHIB tokens are controlled by just 10 individuals, and one such whale transferred 40 trillion tokens (worth ~$2.3 billion) across four new wallets.
While the motive behind this transfer remains unclear, speculation suggests the whale might be preparing to liquidate holdings, potentially exacerbating SHIB's price volatility.
Key Factors Influencing SHIB’s Volatility
- Concentration of Ownership: A small group holds majority control, increasing susceptibility to large-scale sell-offs.
- Market Sentiment: Positive social media campaigns ("buy the dip") contrast with fears of whale-driven price drops.
- Listing Delays: Kraken’s postponed SHIB listing disappointed investors earlier this week, contributing to negative momentum.
Expert Insights on SHIB’s Future
Mati Greenspan, CEO of Quantum Economics, acknowledges SHIB’s strong community but cautions against unrealistic expectations:
"SHIB reaching a penny is a long shot. With 589.7 trillion coins in circulation, achieving scarcity like Bitcoin’s will be challenging."
Meanwhile, Bitcoin—despite a recent dip to ~$62,000**—maintains a robust **$1.17 trillion market cap, underscoring the divergent trajectories of major cryptocurrencies.
FAQ Section
Q: Why did SHIB’s price drop suddenly?
A: The decline follows a massive token transfer by a whale, sparking fears of an impending sell-off.
Q: What does "buy the dip" mean for SHIB?
A: Prominent backers like David Gokhshtein and Kirko Bangz encourage buying SHIB at lower prices, betting on future rebounds.
Q: How does SHIB’s supply affect its value?
A: Its high circulating supply (589T tokens) limits scarcity-driven price growth compared to capped assets like Bitcoin.
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