Shiba Inu market cap rank pulls back to 13th place amid selling pressure: CoinDesk

Meme coin Shiba Inu (SHIB-USD) continues drifting lower from its all-time high of $0.00008 in October as "crypto markets are currently in a risk-off mode following the new highs made by bitcoin and ether [about] two weeks back," blockchain analytics firm Nansen told CoinDesk via written response. SHIB tokens dip 10% to $0.000038 per coin intra-day. Since Shiba's (SHIB-USD) market cap of $20.7B falls from just over $40B towards the end of October, pulling its market cap ranking down to 13th place, with Crypto.com Coin (CRO-USD) just above at 12th, according to data from CoinMarketCap. A rising number of wallets with substantial holdings have reduced their SHIB positions recently, possibly due to taking profit, Nansen tells CoinDesk. So-called whale transaction counts, the number of SHIB transactions valued at more than $100K, have been increasing since the start of November, which could imply a rise in near-term selling pressure, CoinDesk notes, citing data