The Shiba Inu cryptocurrency fell again on Wednesday night, taking the token further from its all-time high of $0.000088 reached last week.
The token's price has been on a downward trajectory for a few days after a big rise at the end of October.
As of 7 a.m. ET on Thursday morning the token was valued at roughly $0.000056, down around 14 percent over the previous 24 hours and bringing its market capitalisation—the value of all tokens in circulation—to $30.7 billion, according to CoinMarketCap.
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Cryptocurrency prices are notoriously volatile and experts have previously warned Newsweek about the risks associated with trading them.
There have reportedly been concerns about Shiba Inu's majority holders over the past 24 hours—about 71 percent of its tokens are held by just 10 people—because one of them is moving a significant amount of money around.
CoinTelegraph reported early on Thursday that one of these 10 holders, known in the cryptocurrency community as "whales" because of the size of their portfolios, moved 40 trillion tokens—roughly $2.3 billion of their holdings—out of one wallet and split it between four others.
According to Fortune reporters, this has prompted concern that the whale, whoever they are, could be preparing to sell their holdings. It is unclear whether or not this is the reason for the wallet activity.
As the crypto's price falls, some prominent Shiba Inu fans have posted on Twitter encouraging people to "buy the dip"—invest in an asset when its price is low.
David Gokhshtein, founder of cryptocurrency news portal Gokhshtein Media, tweeted: "Anyone bought the dip on $SHIB?"
Kirko Bangz, a rapper and crypto investor, posted, "Buy the dip $SHIB," adding a moneybag emoji.
Earlier this week, Shiba Inu fans on social media were left disappointed after the Kraken trading platform did not add the token to its list—something it had suggested it would do on Tuesday.
Mati Greenspan, founder and CEO of financial research company Quantum Economics, told Newsweek that Shiba Inu has managed to amass a community and talented developers since its inception in the summer of last year. Greenspan added, however, that he thinks "SHIB to a penny is certainly a long shot."
"The total supply is 589.7 trillion coins," he said on Monday. "So, unlike Bitcoin, for example, they will have a tough time claiming digital scarcity."
Like SHIB, Bitcoin has done well over the past few weeks and reached an all-time high of almost $67,000 per token on October 20. As of 7 a.m. ET on Thursday Bitcoin was valued at almost $62,000, down 2% over the previous 24 hours, bringing its market cap to $1.17 trillion according to CoinMarketCap.
A Shiba Inu. The crypto named after the dog breed has made headlines after hitting an all-time high.A Shiba Inu. The crypto named after the dog breed has made headlines after hitting an all-time high.Seregraff/Getty
