Shiba-inu becomes the most talked about cryptocurrency. The price seems to be in a correction phase.
Shiba Inu has dropped by 28% since its latest high in late October. With SHIB’s recent price drop, many people are asking if its brief moment in the spotlight is coming to an end.
The drop appeared to be nothing more than normal market volatility. After the cryptocurrency’s meteoric rise this year, a slight correction is to be expected.
Shib’s official Twitter account currently has more than 1.8 million followers. In comparison, the Ethereum network’s official account has 1.7 million followers.
Shiba-inu price action
The token grew by more than 800 percent in a couple of days, helping to propel the price to new all-time highs of $0.000088, though it’s now sitting around $0.000057.
The price of Shiba Inu has dropped by almost 14% in the last week alone. It has declined by 2.4 percent in the last 24 hours. We can see that negative momentum is still important for Shiba Inu price action, with the $0.00006 prior resistance likely to be tested later today.
The price action has moved quickly to test support at $0.00005298 on the downside. On multiple occasions, we can observe that this area of support has produced strong purchasing volume for the market.
SHIB is still attempting to break through the major resistance level of $0.000056 at the time of writing. If it fails to close above it, the lower high will be confirmed, and bears will reclaim control of the price. SHIB would need to maintain healthy volumes to attain its previous aim of $0.000012568 and register another 100 percent increase.
In October, Shiba Inu was the most talked about cryptocurrency in the world, taking the top spot from Bitcoin and Ethereum.
Shiba Inu is currently leading the charts with 22 percent, while Ethereum is well behind with 8.1 percent, according to ICO Analytics. With only 7.2 percent, Bitcoin landed in third place.