Shiba Inu price collapses – is SHIB coin dying? Market panic tests Dogecoin killer

Cryptocurrency: Expert on how financial system is being 'remade'

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The selloff saw SHIB plummet from its all-time high of $0.000088 (£0.000065) to $0.0000520 (£0.000039). Over the last week, that marks a total value reduction of roughly 50 percent. The crash came following revelations around concentrated ownership that looks unlikely to change.

Is Shiba Inu dying?

SHIB has enjoyed considerable support this year as a member of the Shiba Inu family using the meme dog breed as a mascot.

The initial appeal for many backers came from its low price, which allowed novice investors to dip their toes in the crypto market.

But a recent revelation made by analysts has found that, as with any token, minority backers hold the most influence.

Within the cryptocurrency world, these “whales” who swallow up vast supplies of a single currency can dictate its movement.

And Coinmarketcap.com has isolated several, spooking investors with more modest wallets.

The site found that approximately 870,000 people own wallets containing the doge-themed coin.

Among them, the top ten command unrivalled influence with almost 72 percent of SHIB investments.

Just one of these reported whales holds well over half of this total, 41 percent.

At its peak, this investor would have counted on a total wallet value of $20 billion (£14 billion).

Another has started moving coins between wallets, igniting fears they have considered selling and prompting the mass selloff.

SHIB has dropped out of the list of top ten most popular coins it entered just a week ago, and analysts think it could drop lower.

On its current course, it could drop by an additional $0.0000100 (£0.0000074).

Traders have noted it failed to settle beyond its nearest support level of $0.00005040 (£0.000037), the 20-period Exponential Moving Average (EMA 20).

On Thursday, analysts at FX Empire predicted it could soon brush the next support level of $0.0000450 (£0.000033).

The coin likely won’t die, however, as it still commands a value far beyond its starting price.

Despite the recent doom and gloom, SHIB has seen a groundbreaking 2021.

No other cryptocurrency has experienced such a profound explosion.

The coin only materialised early this year and first gained traction in April, hitting around $0.00000371 (£0.0000028).

The recent drop still means its price marks an overall gain of 73,581,334.84 percent.

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