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Meme coin’s undisputed number two in volume, Shiba Inu (SHIB), experienced a major price drop today. Investors looking for the cause of the decline have associated the situation with the large whale sales recorded recently. On the other hand, the price of Shiba Inu fell to a low of $0.00003036 during the day, marking a decline of over 6% from the day’s high.
1.4 Trillion SHIB Transferred to Exchanges
According to a post by Whale Alert on platform X, a Shiba Inu whale transferred over 1.4 trillion SHIB tokens to exchanges today. To be more precise, 1.407 trillion SHIB tokens were moved from an unknown wallet address to KuCoin, one of the most sensational cryptocurrency exchanges of recent days. This transaction was valued at $43.50 million.
While there is no definitive proof of a sale yet, it is being discussed that the mentioned SHIB tokens were transferred to KuCoin with the intention of selling. Amidst all this, the Shiba Inu community seems to be anxious about such a large transaction. Some SHIB investors fear that such a large transfer could lead to a price drop.
Moreover, this transaction has brought about speculation as Shiba Inu whales have not recorded any other large transactions in the last 24 hours and have maintained their silence recently. On the other hand, analysts seem to still be maintaining their ambitious price targets of $0.01 for Shiba Inu.
It is known that the Shiba Inu price is currently struggling with an important resistance level at $0.000032. Should this level be surpassed, a rise towards $0.00004 could occur, potentially laying the groundwork for a future move towards the $0.01 mark.
Shiba Inu Price Decline
As of writing, the price of Shiba Inu has fallen to $0.00003059 following a 3.60% drop on Friday, March 29.
Based on this price level, the market value of the meme coin is estimated to be approximately $18.15 billion. Meanwhile, SHIB’s 24-hour trading volume has also decreased by 38.57%, falling to $1.11 billion. Previously, SHIB experienced a significant increase and rose to $0.00003241 yesterday.
Despite today’s drop, Shiba Inu’s 30-day gain was still at 120%. Lastly, during the downward trend, the Open Interest data for SHIB showed a decrease of 3.51%, dropping to $108.63 million.
