Shiba Inu Token Price Weakens, Analysts Point to P

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The price of crypto assets (cryptocurrency) or the token with the dog logo from Japan, Shiba Inu (SHIB), still tends to be in a weakening trend in line with the sluggishness of other cryptocurrencies with large market capitalization (big cap) since the second week of this month. Analysts said that the decline in the price of SHIB occurred after a number of large token holders (whale) took profit.

According to Coinmarketcap.com data, Thursday (25/11/2021), at 14.01 WIB, SHIB has fallen 16.63% to US$ 0.00003992/token in the last week. Meanwhile, since touching its highest price at US$ 0.00008845/token on October 28 2021, the price of the token that claims to be the 'Dogecoin killer' - another meme crypto token - has fallen 54.87%.

As for today, this token, which was created in August last year, is trying to recover by rising 1.77%.

According to Coindesk, Thursday (25/11), with reference to blockchain data, the inability of SHIB for at least 2 weeks occurred in line with profit taking by giant SHIB token holders, in the midst of the crypto market moving into risk-off mode, which is a situation when investors andtradersreduce their exposure to risky assets.

"The crypto market is currently in risk-off mode following new record highs set by bitcoin and ether [around] two weeks ago," blockchain analytics firm Nansen told CoinDesk, quoted by CNBC Indonesia, Thursday (25/11).

Nansen added that it is normal for the price of crypto assets like SHIB to drop because investors are reducing risk at this time.

According to Nansen, a number of wallets with significant holdings, aka whales, have reduced their SHIB positions recently, possibly due to profit-taking.

Data from blockchaindata companySantiment shows a similar trend. The number ofwhale transactions, or the number of SHIB transactions worth more than US$ 100,000, has been increasing since early November.

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