Meme cryptocurrency Shiba Inu (SHIB) continues to undergo a week of heightened volatility losing $7.26 billion from its market cap over the period. As of November 3, the market cap was at $35.14 billion plunging to $27.88 billion at the time of writing.
The coin that has experienced unprecedented success this year was also trading at $0.000048, having dropped 10% in the last 24 hours while the seven-day losses stand at 21%.
The coin’s correction in value has been initiated by several factors; however, whale activity is speculated to be the main trigger for the drop. The volatility emerged early last week after a whale made four transactions of ten trillion (10,000,000,100,000) SHIB to four different wallets. At the time, a single transaction was valued at around $586 million.
