Altcoin Shiba Inu is out of favor: why did the meme token fall 23%?

Altcoin Shiba Inu down 23%

Meme altcoin Shiba Inu, which boomed in October, experienced a 23% drop on Thursday, November 4. This was due to several factors at once, but the main one was the withdrawal of coins by the cryptocurrency whale. Unidentified transferred almost $3 billion to new wallets without further redirecting it to SHIB.

Curiously, even a tweet from Elon Musk, head of Tesla (NASDAQ:TSLA) and cryptocurrency supporter, about not having an investment in Shiba Inu, did not collapse the value of the altcoin so quickly.

The token’s price could also have been negatively impacted by the news that online broker Robinhood Markets Inc (NASDAQ:HOOD) is not yet planning to list it as a traded coin on the platform. Rumors about this have been circulating for some time, with the Shiba Inu community actively pushing for a positive decision from Robinhood.

In addition, cryptocurrency exchange Kraken published a tweet about Shiba Inu and said that if it gets 2,000 likes, it would also include the token in its quotation list. But it ended up postponing the start of Shiba Inu trading indefinitely, explaining that it needed to evaluate the listing.

A series of these negative events forced the Shiba Inu community to seek help from Jeff Bezos’ Amazon (NASDAQ:AMZN) company, Amazon. Supporters of the coin have published a petition on asking Amazon to accept Shiba Inu as a payment option. For now, this scenario seems unlikely, but maybe Musk will soon post another tweet and Shiba Inu will take off again.

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Arsen Islamov
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