SHIB Slumps as Large Holders Take Profits

SHIB Slumps as Large Holders Take Profits
Shiba inu, the self-proclaimed dogecoin killer, may still have its passionate following but it was in the red again Wednesday, following three consecutive weeks of losses.The loss followed profit-taking by large SHIB token holders, as the crypto market moved to a risk-off mode, a situation when traders reduce their exposure to riskier assets, according to blockchain data.“Crypto markets are currently in a risk-off mode following the new highs made by bitcoin and ether [about] two weeks back,” blockchain analytics firm Nansen said in a written response to CoinDesk, adding that it’s “natural to see higher beta assets like SHIB to…