Shiba Inu pulls back from recent rebound following negative sentiments on the jump of its circulation and an unidentified investor moving massive coins to different wallets.
Last week, investors moved over 40 trillion coins to four different addresses, stoking fears that the person might prepare to sell them.Price tanked to $0.00004907 on 4 November, before rebounding to $0.00006241 the following day.
Over the past 24 hours, the coin fell 6.8% at $0.00005398, according to CoinMarketCap .In the past seven days, Shiba Inu has fallen 26%, with its market capitalisation plummeting below $30bn as it dropped out of the digital token top ten .
More followers
“Had 170million shib, I wanted to hold but after squid, and how shib is being shady not addressing the circulating supply issue I sold everything,” user JamesKryt tweeted on 4 November, during last week’s fall.
The fall, however, did not discourage retail investors to flock to Shiba Inu.As of Sunday, the official twitter account received 1.8 million followers, topping Ethereum’s 1.7 million.
“Smash the [love] button if you believe $SHIB will flip $ETH ,” user CryptoLoretta said in a tweet .
$SHIB will have one million holders by the end of year, but I’m pretty sure it’ll be by the end of this month,” user BaronShiba tweted.
The interests from retail investors curbed Shiba’s fall from its intraday low of $0.00005315.
— ShibaBaron (@BaronShiba) — ShibaBaron (@BaronShiba) will have have one million holders by the end of year, but I’m pretty sure it’ll be by the end of this month.[#SHIBARMY] ???? [#SHIBARMY1M] [November 8, 2021]
Bitcoin, Ether on the rise
Rival Dogecoin rose 2.9% to $0.2696, regaining lost grounds of the previous seven days, in early Asian trade on Monday.In terms of market cap, Dogecoin ranked ninth, about $5.5bn above Shiba’s valuation.
Elsewhere, Bitcoin rose 5.3% to $65,283.04 closing in on its all time high of $66,974, while Ether was up 3.4% at $4,708.19.
Cardano rose 2.7% at $2.05, while XRP jumped 9.1% at $1.26.
Binance Coin, the third largest crypto currency by market cap, fell 1.2% at $639.06.
Read more: Crypto news: Bitcoin weathers taper, Shiba crashes out of top 10
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