The Shiba Inu community is pushing for hodlers to ‘buy the dip’ after SHIB fell below USD Coin and out of the top 10 cryptocurrencies by market cap.
SHIB’s market cap fell below $30bn this morning - its lowest in over a week. At the time of writing, it is some $2.3bn away from overtaking USDC’s market cap.
SHIB is down 13.4% in the last 24 hours, having fallen as low as $0.00005396 earlier today. It has since rebounded slightly to $0.00005689, with ShibArmy pushing the community to hodl. Here’s how it went.
ShibArmy Called To HODL
While huge dips are a common occurrence in cryptocurrency, the latest SHIB drop is important for the memecoin. It is SHIB's lowest price since the initial surge in late-October.
However, the recent drop has not deterred the ShibArmy. The r/ShibArmy subreddit is filled with memes, images, and rallying cries urging other hodlers to ‘buy the dip’, re-framing the price drop as a cheap sale for SHIB in its quest to reach 0.0001.
By treating the dip in this way, SHIB hodlers are quashing some of the 'FUD' traditionally associated with crashes. This turns the drop on its head, creating FOMO for those scared of losing out by not buying the token when it's at a lower price.
Indeed, another re-framing of the dip sees the ShibArmy celebrate the exits of 'Paper Hands' who will regret their sell-offs.
Why The SHIB Price Fell Today
The first comes from the re-awakening of one Shiba whale. Earlier this week, the SHIB community shared a story of one hodler investing $8000 in SHIB last year into 20 trillion SHIB, which had risen to $5.7bn.
While many speculated that this wallet was no longer active, the renewed interest in the whale seems to have reignited their address, with its owner moving 10 trillion SHIB into four addresses. Much like if Satoshi Nakamoto was to re-activate, this has sparked fear that the whale could start selling off their holdings, leading other Shib owners to exit first.
The second major event for SHIB in the last 24 hours comes from Kraken. Kraken is among the top cryptocurrency exchanges, but does not yet support Shiba Inu. On November 1, the exchange tweeted that if it gets 2000 likes, they would list SHIB on the following day.
The SHIB community rallied around the tweet, which gained 80,000 likes. However, November 2 came and went without a Kraken listing. Instead, the exchange tweeted, thanking the SHIB community, but also stating:
There’s more work for us to do as we move through our listing review process.
SHIB has been running on the hype of further listings for some time. This statement from Kraken may have put some of that hype in check.
SHIB remains 33% down from its All-Time High of 0.00008616.
[Image: Maxim Hopman/Unsplash]