The Shiba Inu community is pushing hodlers to "buy down" after SHIB dips below USD Coin and out of the top 10 cryptocurrencies by market cap.
SHIB's market cap fell below $ 30 billion, the lowest in over a week. At the time of writing, there is approximately $ 2,3 billion short of overshooting the USDC's market cap.
SHIB is down 13,4% in the past 24 hours, after falling as low as $ 0,00005396. It has since risen slightly to $ 0,00005689, with ShibArmy pushing the community to "hold on" (hodl).
ShibArmy called to HODL
Although huge dips are a common occurrence in the cryptocurrency world, SHIB's latest drop was very important for memecoin. It is SHIB's lowest price since the initial hike in late October.
However, the recent drop hasn't deterred ShibArmy. The r / ShibArmy subreddit is filled with memes, images, and battle cries urging other hodlers to "buy on the low," reframing the drop in prices as a cheap sell for SHIB in its quest to hit 0,0001.
By treating the downside this way, SHIB hodlers are nullifying some of the "FUDs" traditionally associated with road crashes like these. This reverses the downside, creating FOMO for those who are afraid of losing by not buying the token when it is at a lower price.
In fact, another re-framing of the drop sees ShibArmy celebrating the releases of 'Paper Hands' that will regret their sales.
Why did the SHIB price drop?
While previous SHIB price changes have occurred for more obvious reasons - including a tweet from Elon Musk or rumors from a list from Robinhood - this drop is more likely split between two issues.
The first comes from the awakening of a Shib whale. Earlier last week, the SHIB community shared a story of a hodler who invested $ 8000 in SHIB last year in SHIB 20 trillion, which had risen to $ 5,7 billion.
While many speculated that this wallet was no longer active, the renewed interest in the whale appears to have rekindled the address, with its owner moving 10 trillion SHIB to four addresses. Just as if Satoshi Nakamoto were to reactivate, this sparked fears that the whale might start selling their holdings, leading the other Shib owners to exit first.
The second big event for SHIB comes from Kraken. Kraken is among the best cryptocurrency exchanges, but does not yet support Shiba Inu. On November 1, the exchange tweeted that if it gets 2000 likes, the next day they will list SHIB.
The SHIB community rallied around the tweet, which earned 80.000 likes. However, November 2nd came and went without the listing on Kraken. Instead, the exchange tweeted, thanking the SHIB community, but also stating:
"There is still a lot of work for us to do as we move through our ad review process." However, those interested in trading cryptocurrencies can already do so through Bitcoin Pro.
