Crypto Voice News | The Main Reason Why Shiba Inu Dropped 42% Below $0.00004

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Shiba Inu (SHIB) had faced a pullback from its recent peak, falling as much as 42% in a matter of hours due to many factors such as market dynamics.

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The broader crypto market is facing a major correction that has sent prices below major support levels. Shiba Inu was unable to escape the attack as one of the hardest-hit crypto assets in the market, with the token erasing some of the previous day's gains.
Shiba Inu in particular initially rose to a high of $0.00004567 as the market gained significant momentum yesterday. The asset had broken through several resistance points, setting its sights on the much-coveted $0.0001 price zone.
Foreign Exchange Entries
However, the bears posed a formidable obstacle to the uptrend yesterday, with many factors contributing to a massive decline in the price of the Shiba Inu. One of these factors is the constant selling pressure resulting from heavy inflows to the stock markets.
Investors often move their assets from cold wallets to exchanges when they intend to sell. As a result, such developments, especially those involving whaling transactions, often trigger concerns of large-scale dumping among market participants.
Yesterday the Shiba Inu market observed two of these large whale stock market entries. The first transaction noted by whale-watching resource Whale Alert saw the movement of 183,073,161,874 (183 billion) SHIB, worth $5.55 million at the time, to Binance.
Despite the general consensus regarding movements towards exchanges, the flow of funds from Wintermute to Binance may have various possible reasons, such as a change in investment strategy, profit taking or reallocation of funds according to market conditions.
The second transaction involved a much larger sum, and Whale Alert highlighted the movement of 1,450,254,597,018 (1.45 trillion) SHIB between two unknown wallets. However, on-chain data confirms that the receiving wallet has a Coinbase address.
Specifically, the sending address initially supplied SHIB tokens in multiple transactions from September 2021 to November 2022 and withdrew the assets from a Coinbase address during that time frame. The wallet sent all assets to Coinbase after HODLing for over two years.
Shiba Inu Suffers from Market Impact
These movements in the stock markets triggered investors' anxiety due to concerns about increasing selling pressure. The second factor contributing to Shiba Inu's recent collapse was the broader crypto market pullback triggered by Bitcoin (BTC) after it breached the ATH.
BTC rose as high as $69,000 on Binance yesterday, surpassing its previous ATH price. Following this rise, the token recorded a significant decline, falling by a massive 14.48% to $59,005 and falling below the $60,000 level.
Bitcoin , the leading crypto token, crashed the entire market with it and SHIB felt the impact, dropping 42% to $0.00002555 yesterday. The combination of increased selling pressure and Bitcoin's impact contributed to this massive Shiba Inu decline.
However, the asset has now recouped most of the previous day's losses. SHIB gained 10.79% today but is still struggling to recover from the $0.00004 region and is currently changing hands at $0.00003901 as of press time.
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Disclaimer, The information provided in this video is not investment advice.
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