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Highlights
- Shiba Inu's price tumbled over 1.8% today.
- The price dip is attributed to the mysterious transfer of more than 1.40 trillion SHIB to KuCoin.
- Amid the decline, the SHIB open interest also plunged significantly.
Shiba Inu (SHIB), a popular meme coin, recorded a concerning drop in its market valuation. The plunge has been attributed to the major whale selloffs noted lately. Moreover, the Shiba Inu price attained a low of $0.00003036 during the day, plummeting over 6% from the day’s peak.
Shiba Inu Whale Offloads Over 1.4 Trillion SHIB
According to a post on X by Whale Alert, a blockchain tracking platform, a Shiba Inu whale dumped over 1.4 trillion SHIB tokens today. To be precise, $1.407 trillion SHIB tokens were moved from an unknown wallet to KuCoin, a renowned global crypto exchange. The transaction was worth $43.50 million.
While there is no exact proof of a sell transaction, it is estimated that this SHIB reserve was transferred to KuCoin with intention of selloff. Moreover, the Shiba Inu community was startled to witness such a huge dump. In addition, they expressed concerns about a further slump in the Shiba Inu price.
Furthermore, such a selloff triggered speculations since Shiba Inu whales have been silent lately as no other major transactions were noted in the past 24 hours. However, analysts are still optimistic about the ambitious $0.01 target for the Shiba Inu price.
As reported by Coingape earlier, the Shiba Inu price is currently grappling with a significant resistance hurdle at $0.000032. A breakthrough past this obstacle may pave the way for a surge towards $0.00004, potentially laying the groundwork for a monumental ascent to $0.01.
Conversely, a downward trajectory could see the coin retracting to a support level of $0.00003. In the event of a prevailing bearish sentiment, SHIB might experience further decline. Moreover, it could reach as low as $0.00002 and even potentially slip below $0.00001, signaling a turbulent period ahead for the meme coin.
Also Read: Shiba Inu Community Reacts As Binance Calls Everyone ‘NFTs,’ SHIB To Reach $0.01?
Shiba Inu Price Decline
At press time, the Shiba Inu price dropped 1.84% to $0.00003094 on Friday, March 29. Meanwhile, the meme coin held a market cap of $18.15 billion. In addition, the crypto’s 24-hour trade volume plunged 38.57% to $1.11 billion. Earlier, SHIB noted a substantial surge and attained a high of $0.00003241 during the day.
However, despite the decline, the 1-month returns for Shiba Inu stand at around 120%. Moreover, during the bearish turn, the SHIB open interest also slipped 3.51% to $108.63 million. Furthermore, according to Coinglass data, massive long liquidations of $1.40 million may have catalyzed the recent dip.
Also Read: Shiba Inu Coin Price Analysis As SHIB Burn Surges; Will It Reach $0.01 Amidst Bull Run?
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