DOGE Rival SHIB Plunges 27% In One Day In A Huge Sell-Off

The DOGE rival SHIB plunges 27% in one day following the latest move by a SHIB whale as we can see more in today’s altcoin news.

The hottest meme coin at the moment was hit hard with a strong sell-off and now the DOGE rival SHIB plunges 27% over the past 24 hours according to data from CoinGecko. SHIB is an etheruem-based token that increased in value by over 800% last month and was trading at $0.00004593, losing about a quarter of its value since yesterday.

The asset was a hot topic in the crypto world because its perceived value is tied to the internet meme and somehow managed to get into the top 10 biggest crypto assets by market cap. Because of today’s price drop, SHIB fell out of the top 10 with a market cap of just $27 billion. Over the past ay, traders exchanged about $9.6 billion worth of the meme coin. SHIB was essentially created as a dogecoin alternative as the biggest meme coin by market cap and Elon Musk’s favorite coin. Unlike DOGE, however, SHIB runs on Etheruem.

Meme coins and tokens like SHIB are crypto assets based on internet memes or celebrities as an alternative to the serious world of BTC and ETH. They also tend to increase or drop in value very fast. SHIB recieved a lot more attention recently because Musk had a habit of pumping these coins on Twitter. Some people even made serious money with it as one SHIB investor invested $8000 in the token a  year ago and it is now worth $3.9 billion which is not a bad investment for crypto. The whale however has been moving these tokens to different wallets and led to some people believing that they are about to sell them for dollars which is why we see such a massive flip today.

As recently reported, It seems that the investors are more interested in the meme-coins now more than ever and its strong price action lured more skeptics on the market, with the latest reports showing some strong gains. The hype around the meme-coin Shiba Inu grew so much that it emerged as the fifth most called smart contract on the ethereum network. SHIB becomes 5^th most called smart contract on Ethereum, surpassing the likes of SwapRouter, SUDC, WETH tokens, and Uniswap. It is a few places behind the prominent NFT marketplace OpenSea and Uniswap V2 Router.