The price of Shiba Inu is dropping again and it is being replaced by Dogecoin
Rancakmedia.com – The price of Shiba Inu today has fallen again, its ranking has been replaced by Dogecoin. Entering November, the price of the Shiba Inu coin has decreased even more, today, November 4 2021, according to coinmarketcap.com data, the ranking of the Shiba Inu has changed.
Today's Shiba Inu price when the article was published according to data on coinmarketcap.com is IDR 0.864716 with a 24-hour trading volume of IDR 111,319,450,589,529. Coinmarketcap.com updates the Shiba Inu price to rupiah in real-time, so fluctuations every second can occur.
The price of the Shiba Inu coin has fallen 9.48 percent in the previous 24 hours. CoinMarketCap's current ranking is 11th after yesterday it remained in the top 10 lines. The price of the Shiba Inu coin with a direct market capitalization of IDR 474,811,653,948,869 IDR. It has a supply of 549,095,509,738,353 SHIB coins and max. supply not provided.
Reporting from fortune.com, about 72 percent of Shiba Inu coins are now controlled by only 10 large investor wallets and one of them is releasing coins quickly. The Shiba Inu has truly become one of the surprise stars of the Bitcoin industry.
Shiba Inu, named after the same breed of dog that inspired the market's previous favorite meme-coin, Dogecoin. The token's total market value rose to over $51 billion last week, overtaking Dogecoin and placing it among the top 10 cryptocurrencies out there.
But today it will take patience as Dogecoin reclaims its ground, despite the fact that its Shiba Inu roots as a meme left it without much of a core economic incentive to thrive.
As the euphoria died down in the last few days, pushing the coin's market value down 31 percent to around $35 billion, the crypto world's attention has been on some of the big investor wallets that own the majority of Shiba Inu tokens today.
And there is disturbing news for all the small investors who are acquiring Shiba Inu and reaping a lifetime of cash. A major investor has moved the coins into a separate wallet, raising fears that holders will sell them.
Shiba Inu coin holdings are highly concentrated. While about 872,382 total wallets have it, the top 10 own about 72 percent of the coin, according to tracker CoinMarketCap.com. The largest wallet contains a staggering 41 percent, potentially being worth around $21 billion at peak.
No. 2 currently own a little over 7 percent of a Shiba Inu who is valued at around $2.5 billion at current prices. The Shiba Inu is not the first coin to raise concerns about a significant concentration of holdings.
Initially, Bitcoin and Ethereum were significantly influenced by large investors whose transactions could affect market prices. Their concentration of holdings has now diminished, as more institutional and casual investors jump into crypto.
There is also a myth circulating that as of today some 2,000 addresses own more than 40 percent of all Bitcoin, says BitInfoCharts. There are some areas of the crypto market where coin holdings are still highly concentrated. There are around 13,500 minor cryptocurrencies mostly held by a handful of wallets.