Why Is Shiba Inu Coin Price Crashing Today? - Benzinga - Benzinga

Shiba Inu (CRYPTO: SHIB) traded 15.1% lower over 24 hours at $0.00005675 early Thursday morning.

What’s Moving? The meme cryptocurrency has fallen 14.66% over a seven-day trailing period.

Against Bitcoin and Ethereum, SHIB fell 14.03% and 14.08%, respectively, over 24 hours.

SHIB has shot up 330.46% in the last 30 days and 821.04% in a 90-day period.

With a market cap of $31.16 billion, SHIB is now the eleventh-largest cryptocurrency. SHIB is lagging rival Dogecoin (CRYPTO: DOGE), which, with a market cap of $35.25 billion occupies the ninth spot, as per rankings arranged by CoinMarketCap. DOGE traded 2.67% lower over 24 hours at $0.27.

Why Is It Moving? SHIB’s decline is far sharper than DOGE over a 24 hour period as the global cryptocurrency market cap fell 0.21% to $2.47 trillion.

On Wednesday, a Shiba Inu billionaire who turned $8,000 SHIB investment into $5.7 billion was observed moving funds across the blockchain.

The wallet linked to the investor transferred 40 trillion SHIB tokens worth $2.7 billion into four different wallets, as per an earlier report.

SHIB declined as investors anticipated moves by whales to liquidate their holdings by sending coins to exchanges.

The meme cryptocurrency was among the most mentioned cryptocurrencies, as per Cointrendz data. It was also trending on CoinMarketCap and CoinGecko price-tracking websites.

Notably, most major cryptocurrencies were subdued on Wednesday after the U.S. Federal Reserve said it would begin tapering its monthly asset purchases before the end of November.

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