SHIB Recovers 50% in 24h after Massive Sell-off Last Week

November 08, 2021, 9:15 AM AEST - 2 weeks ago

SHIB, the Dogecoin-inspired Shiba Inu memecoin, experienced tumultuous price corrections last week, plunging more than -10 percent on Thursday, only to bounce back with a 50 percent rise over the weekend. 

SHIB Rallies 50% in 24 Hours

The price of SHIB went from its ATH last week of 0.00008616 to 0.0000583 at press time, a -30 percent price drop.

SHIB/USD chart. Source: Messari

SHIB currently has a market cap of US$32.02 billion, with a $2.88 billion 24hr trading volume, as per data from Messari.

The token dropped on November 4 amid a massive sell-off from one whale that triggered a price drop of 22 percent, its biggest since September 10 when it plunged over 85 percent.

The whale had around 40 trillion SHIB, worth roughly US$2.8 billion at the time. Many were wondering where the tokens would end up. At the time of writing, the token holder had relocated the funds to three wallets, where they remain.

SHIB Takes the Lead

The Shiba Inu memecoin is one of the riskiest tokens in the market due to its extreme volatility. It is also one with the biggest returns. During Q3, for example, SHIB had a three-month ROI of 704 percent.

The coin is famous for being the rival of Elon Musk’s beloved Dogecoin. Musk tweeted last month that he doesn’t hold any SHIB, which in itself caused the price to drop 20 percent. However, it seems the SHIB army doesn’t care one way or the other for Musk’s opinions and plans to move on despite his claims.

One of the biggest price boosts for SHIB came after the October auction of Shiboshis, a collection of NFTs inspired by the memecoin. They sold in just over 35 minutes, each piece snapped up for between US$350 and US$1050.

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