Shiba Inu is holding up while most altcoins see red

Shiba Inu does not give up

Renewed risk-aversion tendencies have hit the financial markets, resulting in a sharp decline in the crypto market that saw bitcoin lose close to $4,000 and land back around the $40,000s. While most altcoins are trying to rally, Shiba Inu seems to have little interest in the situation.

Shiba Inu (SHIB) has seen a 5% surge after the token posted a 57% surge in three days. Although this price surge was followed by a significant increase in volume, whales and retailers could not hold the selling pressure long enough causing SHIB to fall below $0.00003 again.

Shiba Inu whales often completely change the shape of the market. The purchasing power that existed before is now nowhere near the same level as the majority of whales have exited and are currently only holding SHIB rather than buying more tokens.

SHIB's biggest competitor is Dogecoin, which, however, failed to show the same performance and is still hovering around the monthly low. The market's recent pump also failed to help DOGE to break the USD 0.15 resistance.

Ethereum is also following the general trend and has lost 8% in value in the last 24 hours, most likely causing the price action in smaller cryptocurrencies.

After a sharp market slump, some cryptocurrencies are showing early signs of recovery as Bitcoin saw its price rise 0.6% over the past 24 hours. Judging by the volumes, however, the market seems in no rush to use the recovery to bounce back higher.

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