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Shiba Inu Loses Over $7 Billion In Total Market Value


Investors are in disarray over the recent volatility swings in SHIB.

The popular meme coin, which is an offshoot of the popular Dogecoin, made headlines recently when Soulja Boy sold his new song for 150,000,000 SHIB.

Unfortunately, SHIB has also taken a nosedive in value, as the total market cap shrank by over $7 billion in the last week alone due to whale activity.

Like its sister coin DOGE, the meme coin will likely retrace all or most of its lost value within a reasonable amount of time, but as we all know: past performance is never an indication of future results.

Here’s more on the current price action of SHIB:

Finbold comments:

Meme cryptocurrency Shiba Inu (SHIB) continues to undergo a week of heightened volatility losing $7.26 billion from its market cap over the period. As of November 3, the market cap was at $35.14 billion plunging to $27.88 billion at the time of writing.

The coin that has experienced unprecedented success this year was also trading at $0.000048, having dropped 10% in the last 24 hours while the seven-day losses stand at 21%.

Vice notes:

Itโ€™s one thing to be a billionaire on paper, but could the SHIB actually realize those gains? Social media is awash in memes half-joking that the unknown whale couldnโ€™t unload all their tokens without crashing the market for SHIB.

They may be right. If the wallet holder decided to unload all 70 trillion coins at once using Uniswap, a decentralized exchange, they might have some luck but at a steep cost.

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