After a steep rise shiba inu (SHIB), fell 51% from the all-time high of $0.000086 set on Oct.
Moreover, before recovering some losses Binance stock market fell to an intraday low of $0.00004312.
While it remains to be seen whether the historic rally will really have solid foundations, we have compiled the possible reasons behind today’s sales for you.
Weakness in the crypto market
The Shiba Inu is of course not the only cryptocurrency currently facing pressure.
At press time, Solana (SOL) is the only cryptocurrency trading in the top ten in green.
flagship cryptocurrency bitcoin (BTC), is trading close to daily lows as the bulls struggle to hold on to the crucial $60,000 level.
Dogecoin (DOGE), another dog-themed meme token, has also lost 6% in the last 24 hours.
No Kraken listing
After experiencing a moderate correction over the weekend, the Shiba Inu started the new week on a high note.
On Monday, SHIB revisited the $0.000075 level after Kraken exchange promised to list it on Tuesday.
However, the trading platform has backed out on the plan, claiming that it will continue to consider listing in the future.
🐙♥️🐶 #SHIBArmy we’ve heard you loud & clear!
Community is an important part of our considerations for all listings, and you have clearly shown your support.
There’s more work for us to do as we move through our listing review process.
— Kraken Exchange (@krakenfx) November 2, 2021
Profit taking continues at full speed
The Shiba Inu is backing down after seeing a massive rally in October and delivering life-changing gains to some of its investors.
Last week, Coinbase announced that the average holding time for the SHIB token is just 11 days, which means there isn’t a strong HODL mentality in the community yet. Therefore, many investors are in favor of making profits.
In addition, the biggest Shiba Inu whale transferred its fortune to different addresses on Tuesday, frightening some investors despite possible selling pressure.
It’s worth noting that despite the recent correction, the Shiba Inu is still up by an amazing 250% compared to last month.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.