Shiba Inu (SHIB) price halved within a week of hitting its current all-time high
After a blistering runup, Shiba Inu (SHIB) plunged 51% from its current all-time high of $0.000086 that was set on Oct. 29.
At 4:08 p.m. UTC, it slipped to an intraday low of $ 0.00004312 on the Binance exchange before cutting some losses.
While it remains to be seen whether the historic rally will actually have legs, these are some of the possible reasons behind today’s sell-off.
Weakness of the crypto market
Shiba Inu is of course not the only cryptocurrency that is currently under pressure.
At press time, Solana (SOL) is the only top 10 coin in the green.
Bitcoin (BTC), the flagship coin, is trading near its daily lows as the bulls struggle to maintain the pivotal level of $ 60,000.
Dogecoin (DOGE), the original canine crypto, is also down 6% over the past 24 hours.
No Kraken Ads
After suffering a moderate correction over the weekend, Shiba Inu started the new week on a positive note.
On Monday, SHIB revisited the $0.000075 level after the Kraken exchange promised to list it on Tuesday.
However, the trading platform has apparently backed down from the plan despite a strong performance from the community, saying it will continue to rate the list in the future.
Robinhood, despite leaving some cues, is also yet to set the record straight about persistent listing rumors.
Profit-taking is in full swing
Shiba Inu takes a step back after witnessing a huge rally in October and achieving life-changing wins for some of its holders.
Last week, Coinbase revealed that the average hold time for the SHIB token is only 11 days, meaning that there is no strong HODL mentality within the community just yet. Therefore, many investors are tempted to take profits.
Some holders were spooked by the biggest Shiba Inu whale transferring his riches to different addresses on Tuesday.
Additionally, those who were present during the 2017 bull market might feel uneasy after spotting disturbing similarities between the chart of SHIB and the charts of XRP, Nano and other has-beens that recorded monstrous gains. during the previous bull market cycle.
Despite the recent correction, Shiba Inu is still up a cool 250% over the past month.
