3 reasons why Shiba Inu (SHIB) is more than 50% below its most recent high

After a dizzying rally, Shiba Inu (SHIB) has fallen more than 51% from its all-time high, falling from $ 0.000086 on October 29 to $ 0.0004312 at the time of writing in October.

SHIBI price table | Source: Tradingview

Here are some possible reasons for SHIB’s sell-out today.

The broader market is faltering

Of course, SHIB isn’t the only cryptocurrency currently under selling pressure.

The world’s largest cryptocurrency, Bitcoin, is trading near daily lows with the bulls struggling to maintain the $ 60,000 mark, a key level of support.

BTC price chart | Source: Tradingview

Dogecoin (DOGE), the dog meme that inspired Shiba Inu, also saw a 6% decrease in the past 24 hours.

At the time of going to press, only two coins, BNB and SOL, are green in the top 10.

Entry “missing”

After a moderate correction at the end of the week, SHIB got off to an impressive start to the week. On Monday, SHIB revisited $ 0.0000075 after the Kraken exchange promised to list it on Tuesday.

However, despite strong community support, Kraken appears to have delayed the plan as it is considering considering listing in the future but has not specified when.

The Robinhood exchange, while also sending some positive signals, has still responded to the SHIB listing rumor.

Profit taking is going strong

Shiba Inu is falling after seeing a huge rally in October and securing huge profits for some owners.

Last week, Coinbase announced that the average hold time for SHIB is only 11 days, which means that there is not yet a strong holding spirit in the community. As a result, many investors are tempted to take profits.

Some owners were shocked when a giant whale moved forty trillion, one hundred thousand SHIBs (40,000,000,100,000) to four different wallet addresses, each transaction valued at approximately $ 586 million, about $ 2.3 billion total on Tuesday, as reported by Bitcoin Magazine.

Additionally, those who witnessed the 2017 bull market may be upset after discovering disturbing similarities between the SHIB chart and that of XRP, Nano, and a number of recorded altcoins.

Despite the recent correction, SHIB is still up 250% over the past month.

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