Shiba Inu (SHIB), a well-known meme-based cryptocurrency, experienced a significant decline in its market value attributed to recent large-scale selling activities by major holders. The price of Shiba Inu plummeted by over 6% to reach a low of $0.00003036 during the day, reflecting the impact of these sell-offs.
A substantial transaction involving a Shiba Inu whale was reported by Whale Alert, a blockchain monitoring platform. The whale transferred more than 1.4 trillion SHIB tokens, valued at $43.50 million, from an undisclosed wallet to the KuCoin exchange. While the exact nature of the transaction remains unconfirmed, it is widely speculated that this move was intended for selling off the SHIB tokens on the exchange, causing concern among the Shiba Inu community.
This significant sell-off event has raised speculations, especially considering the recent silence of Shiba Inu whales in terms of major transactions. However, despite the bearish sentiment triggered by this event, analysts maintain optimism regarding the ambitious price target of $0.01 for Shiba Inu.
Currently, the Shiba Inu price faces a notable resistance level at $0.000032, with a potential breakthrough expected to lead to further gains towards $0.00004 and eventually $0.01. Conversely, a downward trend could push the coin towards a support level of $0.00003, with the possibility of further decline to $0.00002 or even below $0.00001, signaling a challenging period ahead for the meme-based cryptocurrency.
As of the latest update, Shiba Inu’s price has declined by 1.84% to $0.00003094, with a market capitalization of $18.15 billion. Additionally, the cryptocurrency’s 24-hour trading volume has decreased by 38.57% to $1.11 billion. Despite the recent downturn, Shiba Inu has recorded a significant 1-month return of approximately 120%, although the SHIB open interest has decreased by 3.51% to $108.63 million. Notably, large long liquidations totaling $1.40 million may have contributed to the recent price dip, as per Coinglass data.