Shiba Inu (SHIB) Drops 6%, What’s the Reason for the Setback?

• Shiba Inu (SHIB) experienced a significant 6% drop to the $0.000032 range.
• Crypto.com witnessed an unexpected movement of 2T SHIB tokens between its hot wallets.

Shiba Inu (SHIB) faced a substantial setback after encountering a major resistance level at $0.000045, subsequently plummeting below the $0.000035 range. The decline for SHIB continued as the renowned Crypto.com exchange witnessed an unprecedented movement of 2 trillion SHIB tokens between its hot wallets, according to data from Etherscan.

Crypto.com Hot Wallet Holdings (Source: Arkham Intelligence)

As per the insights from Arkham, Crypto Com’s SHIB holdings now stand at 2.991 trillion SHIB, surpassing the $97 million. The unexpected transfer accounted for more than two-thirds of the exchange’s SHIB holdings. This triggered a ripple effect across the market, contributing to a decline of over 6% in SHIB’s price in the last 24 hours.

Shiba Inu SHIB’s Whale on the Track

Despite the price downturn, on-chain whale activity for Shiba Inu remained positive, with a significant burn rate of 386,077,185 SHIB recorded within the past day. Adding to the intrigue, Whale Alert uncovered a massive accumulation of 332 billion SHIB, worth $10.85 million, attributed to an unknown wallet address associated with Cumberland, a prominent crypto trading platform.

This substantial accumulation, executed by the wallet address 0x2efb50e9…32bbf2e204 on March 11, sparked intense speculation within the crypto community.

At the time of writing, Shiba Inu’s price reflects the volatile market conditions, having decreased over 18% in the past week, with the token currently trading at $0.00003248. Despite the recent challenges, SHIB continues to draw attention with its surging whale activity and notable burn rates.