With the recent strong downward momentum in the crypto market, most altcoins in the cryptocurrency market have recorded double-digit value losses. SHIB, which has lost more than 20% in the past week, also started trading at levels around $0.0000078, recording a loss of about 2% in the last 24 hours.
Value Loss in SHIB Exceeds 20%
With the leading cryptocurrency Bitcoin falling to $25,400 levels last Friday, the cryptocurrency market has experienced a strong downward momentum in recent days. Ethereum (ETH) has also fallen by nearly 10% in the past week, dropping to $1650. The total market value of the crypto industry has retreated to $1.05 trillion, according to CoinMarketCap (CMC) data.
Due to these losses in BTC, most high-value cryptocurrencies have lost significant value during this period, and Shiba Inu (SHIB) has also recorded a value loss of over 20%. SHIB, which has lost more than 20% in the past week, also started trading at levels around $0.0000078, recording a loss of about 2% in the last 24 hours.
Furthermore, SHIB, which approached $6.5 billion in mid-August, has seen its market value drop to $4.7 billion, according to CMC data. After these recent declines, SHIB has become the fourth cryptocurrency with the highest percentage value loss among the top 100 cryptocurrencies, according to CMC data.
4.6 Trillion SHIB Transfer
In addition to the value losses in SHIB, there have been significant declines in trading volumes in recent weeks. SHIB’s total market value in the last 24 hours has experienced a decrease of about 15%. Meanwhile, significant SHIB transfers have taken place during the week, despite the ongoing declines in trading volumes and prices.
Whale Alert, which shares current data on large-scale crypto transfers carried out by addresses holding a significant amount of crypto assets and considered as “whales” in the crypto ecosystem, drew attention to a 4.6 trillion SHIB transfer that took place yesterday. According to the current data shared by Whale Alert, 4,639,778,173.637 SHIB was transferred from an unknown address to another unknown address. Although more than 4.6 trillion SHIB transferred to another address has not yet been transferred to a cryptocurrency exchange, it is stated that if this address makes any sales in the coming days, it may create new selling pressure on SHIB. Currently, more than 4.6 trillion SHIB transferred to another address is worth an average of $37 million.
