SHIB Ships Off — November 5

Chart of the Day

It seems that we’ll be having a Friday that’s quieter-than-usual, as Bitcoin continues to trade within a narrow range, with ETH also retracting to test previous support levels after reaching a new all-time high early on Thursday. Although its technicals reveal exhaustion, some analysts do believe that there is still room for ETH to extend its upside gains in the near-term. In the altcoin space, Shiba Inu, the popular memecoin that has been basking in the limelight for the past month due to its parabolic rise, has begun to see a slump in its price amid speculations of large whale movements that could potentially lead to massive sell-offs. Even though the holdings of the whale in question are not even on the open market yet, large SHIB holders have already exchanged roughly $2.58 billion worth of the memecoin in the past 24 hours. This caused the price of the token to plunge by around 17% as short-term selling pressure surged. As a result, SHIB’s market cap, standing at approximately $27 billion based on current prices, has dropped out of the top 10 list in CMC’s ranking.

Talk of the Town

Securities and Exchange Commission (SEC) Chair Gary Gensler has reaffirmed his determination to go after the big firms, including those in the crypto space, by promising to speed up the process of investigations and “hold the bad actors accountable.” In his first speech on enforcement approaches at the Securities Enforcement Forum, Gensler called out disruptive sectors such as the decentralized finance (DeFi) space, and doubled down on his stance that the new technologies involved in this nascent space should not alter the definition of securities.

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