Shiba Inu (SHIB) Drops by More Than 10% After Whale Transfers 4 Trillion Tokens

The popular meme coin Shiba Inu (SHIB) dropped by more than 10% in the past 24 hours. It currently trades at $0.00002326.

Shiba Inu (SHIB) dropped by more than 10% in the past 24 hours as a whale transferred a massive 4 trillion SHIB tokens. It currently trades at $0.00002326, slowing down its upward trend after the recent market rally.

According to Whale Alert, an unknown wallet transferred 4 trillion SHIB tokens to another unknown wallet on Thursday. The transaction fee paid by the wallet owner was a mere $8.10 in ETH.

Tracking from CoinMarketCap shows that in the past 24 hours, SHIB dropped from $0.00002604 to mark a daily low of $0.00002300. However, it has since recovered slightly.

SHIB’s trading volume is down 42% in the past 24 hours, currently at $1.96 billion. Its market cap is $13.93 billion, making it the second-largest meme coin and the 11th-largest cryptocurrency overall.

SHIB trades 73.71% below its all-time high of $0.00008845, reached during the 2021 bull market. Despite the recent 10% drop, Shiba Inu is still up 23.76% in the past week and 29.49% in the last 30 days. Since November 2023, SHIB has surged by an impressive 180%.

The United States’ Federal Reserve’s Chair Jerome Powell talked about how the US economy is doing “remarkably good” and therefore, there is no immediate need to introduce rate cuts.

Powell said that rate cuts will be implemented with significant consideration and the Fed will “approach decisions carefully.”

These comments contributed to SHIB’s price drop, as rate cuts are generally considered a positive sign for cryptocurrencies like Bitcoin and SHIB. According to FedWatch data, the probability of a rate cut in December has fallen from 83% to 72%.

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