Jakarta, CNBC Indonesia – Crypto asset price (cryptocurrency) or tokens bearing the Japanese dog logo, Shiba Inu (SHIB), still tend to be in a weakening trend in line with the sluggishness of other big cap cryptocurrencies since the second week of this month. Analysts say the drop in the SHIB price occurred after a large number of token holders (whale) take profit (taking profit).
According to Coinmarketcap.com data, Thursday (11/25/2021), at 14.01 WIB, SHIB has fallen 16.63% to the position of US$ 0.00003992/token in the past week. Meanwhile, since touching the highest price at US$ 0.00008845/token on October 28, 2021, the price of the token that claims to be the ‘killer of dogecoin’–another crypto meme token–has fallen 54.87%.
As for today, the token that was created in August last year is trying to rise by 1.77%.
Launching Coindesk, Thursday (25/11), with reference to data blockchain, SHIB’s incapacitation for at least 2 weeks occurred due to profit-taking by giant SHIB token holders, in the midst of the crypto market moving into fashion risk-off, which is a situation when investors and trader reduce their exposure to risky assets.
“Current crypto market in vogue risk-off after new record highs set by bitcoin and ether [sekitar] two weeks ago,” blockchain analytics firm Nansen told CoinDesk, quoted by CNBC Indonesia, Thursday (25/11).
Nansen added that it is natural for crypto asset prices like SHIB to drop as investors reduce risk at this time.
According to Nansen, a number of wallet (wallet) with significant ownership alias whale noted to reduce their SHIB positions recently, which may be due to profit taking.
Data from data company blockchain Santiment shows a similar trend. Number of transactions whale, or the number of SHIB transactions worth more than US$100,000, has been increasing since early November.
Source: Santiment, reported by CoinDesk
Three money, active deposit or daily number of unique addresses to make a SHIB deposit to a centralized exchange (centralized exchange–e.g. Binance, CoinBase Pro etc.), also recorded an increase.
According to the Santiment metrics explanation, a spike in the deposit or active deposit metrics could indicate an increase in short-term selling pressure for the SHIB token.
“Like any asset, the price of a SHIB is a product of supply and demand … a larger percentage of SHIB buyers are clearly attracted by its speculative appeal alone,” said Rick Delaney, senior analyst at OKEx Insights.
Rick continued, attracted by rising asset prices, many SHIB investors don’t have the long-term confidence needed to maintain their positions or re-enter the market when prices fall. buy the dip.