Shiba Inu Off To Weak Start This November As SHIB Faced Selling Pressure In Last 7 Days

Shiba Inu squandered its gains during the tail end of October that enabled it to add almost $2 billion to its total market cap which currently stands at $7.29 billion. At the time of this writing, SHIB is changing hands at $0.00001242 according to tracking from Coingecko. It is still up by 16% over the last seven days, but has been on a decline after peaking at $0.00001421 on October 30. As the crypto asset once failed to sustain its bullish rally, analysts believed it will once again be caught in a downward trend and will be poised to return to its price levels prior to the October 25 crypto market rally and Elon Musk’s Twitter takeover. If its current price trajectory is any indication, Shiba Inu, by the looks of it, is really headed towards that direction. Related Reading: Why Monero Is Struggling To Crack This Resistance Level Since September Whales Save Shiba Inu This Time On November 2, the SHIB network witnessed four whale transactions that were indicative of relatively strong buying pressure. During the same time, the altcoin registered a $110 million increase in its market capitalization, a development that once again proved that whales indeed have bigger impact on an asset’s price. Although details of the transactions are not yet released as of press time, what is clear is that it enabled Shiba Inu to return to the green zone on its intraday performance, going up by 2% over the last 24 hours. It would see...