Why Shiba Inu Plummeted More Than 20% at Its Low This Week
Popular meme-token Shiba Inu (CRYPTO: SHIB) plummeted 21.6% at this week's lows from Friday's close last week. This move was driven, in part, by a rather dismal performance across the entire cryptocurrency sector.
Most major cryptocurrencies were down this week as a result of sector-specific forces. China cracked down on Bitcoin mining (once again), crypto investors learned that the IRS was coming after their capital gains, and the U.S. dollar was stronger. These were all catalysts that investors jumped on to explain this price action.
However, a number of token-specific factors contributed to Shiba Inu's demise this week. These included reports that large-scale selling from whales (accounts that own a significant number of tokens) could pick up. Currently, it's estimated that approximately two-thirds of all SHIB tokens are held in just 10 wallets.
Source Fool.com
