The prominent meme cryptocurrency, Shiba Inu, witnessed a significant price drop recently, which market spectators link to massive token movements by a large holder, or “whale”. The digital asset’s value declined sharply by over 6% in a single day, hitting a low of $0.00003036.
Whale Alerts Trigger Market Speculation
Whale Alert, a service tracking large cryptocurrency transactions, reported that a major Shiba Inu holder moved a staggering 1.4 trillion SHIB tokens to an exchange, specifically the thriving KuCoin platform. The transfer carried an estimated value of $43.50 million. While a sale has not been confirmed, the community is abuzz with concerns that this could lead to further price drops, especially considering the silence from other whales in the past 24 hours.
Despite the current market jitters, some analysts remain optimistic, holding onto a bullish price target of $0.01 for Shiba Inu. The asset is currently grappling with a critical resistance level but hopes to breach it and set the stage for a surge towards the much-anticipated $0.01 threshold.
Market Recap and Current Standings
Recent trading sessions saw Shiba Inu’s price fall to $0.00003059, which is a 3.60% dip. This movement brought the meme coin’s market capitalization to approximately $18.15 billion, while its 24-hour trading volume shrank by 38.57% to $1.11 billion. Despite the downward trend, Shiba Inu still boasts a 30-day gain of 120%. Concurrently, its Open Interest data showed a 3.51% decline, touching $108.63 million.
The community continues to monitor Shiba Inu’s market performance closely, particularly in light of the recent whale activity and the potential for its price to rebound or falter in the face of substantial sell-offs.