Memecoin mania is fading. Some of the most popular cryptocurrencies like SHIB and FLOKI are down 50% from their all-time highs from weeks ago.
For the better or worse, memecoins have become a considerable part of the cryptocurrency market. They seem to be the predominant means of entry into the world of crypto for retail investors.
However, the past couple of weeks have been nothing but challenging for memecoin investors, as many of them are down 50% or more from their recent all-time highs.
Shiba Inu (SHIB) Lost Half of Its Value
Shiba Inu (SHIB) is undoubtedly the market leader in the memecoin field for the past month or so, stealing all the glory from the former memecoin champ, Dogecoin (DOGE). While DOGE remains with a higher market cap than SHIB, it was the latter that stole the show at the end of the third quarter of this year.
In October, SHIB’s price skyrocketed by more than 1000% and reached an all-time high of around $0.00008616 (according to CoinGecko).
Unfortunately, the momentum wasn’t sustained as it appeared to have been driven mainly by retail investors. This, combined with the fact that SHIB’s total supply is highly concentrated, led to what happened next.
Fast forward a few weeks later, and SHIB’s price is down almost 50%. There’s no real sign of the euphoria that we saw in October, and the interest in the cryptocurrency is fading quickly.
Other Memecoins Follow Suit
It appears that the fate of many other memecoins without a reasonable purpose and created out of some sort of an internet meme, commonly associated with Elon Musk, is similar.
Floki Inu (FLOKI) – the coin named after Musk’s dog – is down 51.7% since its all-time high reached just 14 days ago. Baby Doge (BABYDOGE) is down 46.6% since its peak. Dogelon Mars (ELON) is down 32% since its peak was achieved on October 30th.
The situation with other memecoins centered around the same theme is similar – all of them suffer considerable losses.
The thing about them, though, is that you never know when they will start trending again. The SHIB pump came seemingly out of the blue, and it was propelled to an extend where SHIB had a larger trading volume compared to its own market cap.
It appears, though, that the gains went away as quickly as they came, leaving many people holding bags of questionable investments.
There are plenty of lessons to be learned from this, though. Right off the bat, never go chasing a pump. If you’ve missed – you’ve missed it, and you’re better off looking for a fresh opportunity rather than catching knives.
When it comes to memecoins, they obviously can no longer be disregarded as potential investment choices, but it’s also important to conduct proper due diligence before throwing your cash at the “next SHIB.”
Healthcare Company Adds Shiba Inu to Its Balance Sheet
A Toronto-based healthcare company now holds Shiba Inu on its balance sheet.
Ask The Doctor, a Canadian online healthcare company, has added $1.5 million worth of Shiba Inu to its balance sheet, according to an announcement posted on its Twitter account.
Kraken facilitated the seven-figure buy. As reported by U.Today, Shiba Inu started trading on the San Francisco-based cryptocurrency exchange on Tuesday.
Ask The Doctor has added ~$1.5M USD (approx 31B $shib) to our balance sheet via Kraken.
We are 72 hours away from accepting #SHIB with our healthcare partners. pic.twitter.com/NHG17druCh— Ask The Doctor ® 🇺🇸🇨🇦 (@askthedr) December 1, 2021
The medical information website will also begin accepting the meme cryptocurrency with its healthcare partners within the next three days.
It already allows clients to pay with Dogecoin for certain services in the U.S. and Canada.
The Toronto-based company was launched in 2010, allowing its clients to connect with medical professionals via text messages or video streaming. Notably, its list of co-founders includes former NBA player Israel Idonije and former NBA star Dikembe Mutombo.
In 2016, Ask The Doctor started accepting Bitcoin payments, becoming the first healthcare company around the globe to embrace crypto.
The reason for adding the new payment option was to offer customers who share sensitive medical data more privacy.
Shiba Inu Coming to Brazil’s Largest Crypto Exchange
BBrazil’s Mercado Bitcoin is set to add support for Shiba Inu on the first day of December.
Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced that Shiba Inu will become available for trading starting from Dec. 1.
The token is yet to be added to the trading platform at the time of writing.
The announcement was accompanied by a video of a Shiba Inu dog in military gear.
Uma das moedas que mais valorizaram em 2021 e que acumula um verdadeiro exército de seguidores💪😮
É isso aí! Amanhã, $SHIBA estará disponível no MB, com um histórico de valorização de mais de 18000%, até agora neste ano.
🚨 01/12 #shibarmy @shibtoken #shibainu pic.twitter.com/24HuhiBymA— Mercado Bitcoin (@MercadoBitcoin) November 30, 2021
After listing SHIB, Mercado Bitcoin will also add support for Cosmos (ATOM), Polkadot (DOT) and Loopring (LRC) later this week.
2TM, the parent company of the number one exchange in Latin America, raised another $50.3 million in late November. This occurred just months after raking in $200 million in July during a Series B investment round spearheaded by Japanese conglomerate SoftBank.
Last month, Korbit became the first cryptocurrency exchange to list Shiba Inu in South Korea.
Kraken, one of the world’s top exchanges, also added support for the top token earlier this week.
New Shiba Whale Buys $38 Million Worth of Tokens
Another whale appears on Shiba Network after token drops from local high and consolidates
New Shiba Inu whale appears on the network after purchasing $38 million worth of tokens. The whale newcomer has bought 850 billion tokens while it was losing 5% of its previously gained value.
The transaction was made 15 hours ago, while the token had just begun its correction and was trading at $0.000048. Such strong buying power, unfortunately, could not push SHIB further up and fuel the local uptrend.
With more whales entering the market, Shib’s fundamental background is continuously developing while the price on the market seems to struggle to break through the $0.000046 area.
Other whales also remain in the Shiba Inu sea by holding more than $2.3 billion worth of tokens while previously owning only about $1.8 billion. The change in the trend appeared shortly after the global cryptocurrency market correction.
Most whales have entered Shib with a large discount of 15% compared to the previous trading range. Whales have also become an absolute majority on the chain by buying up 72% of the circulating supply, which puts Shiba mostly in the hands of large wallets.
At press time, Shiba is trading at $0.000046 with 3% of the daily loss. Additionally, the token is losing 15% from its previous high of $0.000054. The token failed to continue its rally and is trading at the local support, while on-chain data suggest a rapid drop of trading volume, which indicates that traders have not yet decided the future direction of the asset’s price.