Shiba Inu Continues To Plunge: Is Panic In India Taking Toll On The Coin? | Benzinga

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Shiba Inu (CRYPTO: SHIB) plunged 11.12% to $0.00003887 over 24 hours early Wednesday morning.

What’s Moving? The self-described Dogecoin (CRYPTO: DOGE)-killer has shrunk 18.13% over a seven-day trailing period.

SHIB fell 10.38% and 12.52% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) respectively over 24 hours.

Since the last 30 days, SHIB has fallen 0.33% and gained 439.07% over a 90-day window. 

SHIB has lost 55.67% of its value since it touched an all-time high of $0.00008845 in late October.

See Also: How To Buy Shiba Inu (SHIB)

Why Is It Moving? Both SHIB and DOGE fell as the global cryptocurrency market cap inched upwards by 0.11% to $2.56 trillion at press time; the fall in SHIB was steeper.

SHIB was the third most mentioned coin on Twitter at press time, as per Cointrendz data. It attracted 1,693 tweets. In comparison, DOGE attracted 908 tweets.

BTC and ETH attracted 4,611 and 2,760 tweets each and were the two most discussed coins on Twitter. 

The plunging value of SHIB is hitting the Indian holders of the meme coin harder than others as the local government is looking to ban cryptocurrencies once again, albeit with a twist.

The SHIB/INR pair was down 19.15% at press time at INR 0.002793, as per data from WazirX, a leading cryptocurrency exchange in India.

People in India are taking to panic selling due to a proposed bill in India which seeks to “prohibit all private cryptocurrencies in India,” reported Bloomberg Quint.

An anonymous representative of a cryptocurrency exchange told the publication that accelerated selling in India is apparent in dislocation in prices. 

Meanwhile, the plunging valuation of SHIB elsewhere is translating into increased calls for hodling and purchase of the “dip” on r/SHIBArmy, a Reddit cryptocurrency discussion forum. 

A post by “talalemran” said, “You ain’t cool unless you hold your SHIB!”

Screenshot From r/SHIBArmy, A Reddit Discussion Forum

User “Kloud9109 ” posted, “GET THE DIPS WHEN THEYRE ON SALE!!!!!!!!! Let’s get this money in before we can’t!!!!”

Read Next: Bitcoin, Ethereum, Dogecoin Show Signs Of Recovery But Analytics Firm Says Thanksgiving Holiday Doesn’t Bode Well For Cryptos

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