Shiba Inu Price drops 1.8% amid massive whale slaughter
shiba inu (SHIB), a popular meme coin, has recorded an alarming decline in its market valuation. The decline is attributed to recent large whale sales. Additionally, the Shiba Inu price reached a low of $0.00003036 during the day, falling over 6% from the day’s high.
Shiba Inu Whale Carried More Than 1.4 Trillion Loads SHIB
According to a post on X by blockchain tracking platform Whale Alert, a Shiba Inu whale dumped more than 1.4 trillion SHIB tokens today. To be precise, $1.407 trillion worth of SHIB tokens were moved from an unknown wallet to KuCoin, a famous global crypto exchange. The transaction was valued at $43.50 million.
While there is no conclusive evidence of a sale transaction, it is speculated that this SHIB reserve was transferred to kucoin for sale purposes. Moreover, the Shiba Inu community began to witness such a huge litter. They also expressed concern about further declines in Shiba Inu price.
Moreover, such a sale has triggered speculations as Shiba Inu whales have been quiet lately with no other major transactions recorded in the last 24 hours. But analysts are still optimistic about the ambitious $0.01 target for the Shiba Inu price.
As previously reported by Coingape, Shiba Inu price is currently grappling with a key resistance hurdle at $0.000032. Breaking this hurdle could pave the way for a rally towards $0.00004 and potentially set the stage for a monumental rally to $0.01.
Conversely, a downside move could see the coin retreat to the $0.00003 support level. If the downward trend prevails, SHIB may experience further decline. Moreover, it could drop as low as $0.00002 and potentially even drop below $0.00001, indicating that the meme coin will enter a turbulent period.
Also Read: Shiba Inu Community Reacts to Binance Calling Everyone ‘NFT’, Will SHIB Reach $0.01?
Shiba Inu Price Drop
At the time of writing, the Shiba Inu price fell 1.84% to $0.00003094 on Friday, March 29. Meanwhile, the market value of the meme coin was $18.15 billion. Additionally, the 24-hour trading volume of the cryptocurrency decreased by 38.57% to $1.11 billion. Earlier, SHIB recorded a significant increase and reached a high of $0.00003241 during the day.
However, despite the decrease, Shiba Inu’s 1-month return remained around 120%. Additionally, during the downward trend, SHIB open positions also decreased by 3.51% to $108.63 million. Additionally, massive long liquidations of $1.40 million may have triggered the recent decline, according to Coinglass data.
Also Read: Shiba Inu Coin Price Analysis as SHIB Burn Increases; Will It Reach $0.01 In The Bull Run?
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