$SHIB $BTC Shiba Inu (SHIB) Falls 6% Amid Crypto.com Transfer Surge🤯
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Shiba Inu (SHIB) faced a notable setback, falling 6% to reach the $0.000032 range. The drop was caused by an unexpected movement of 2 billion SHIB tokens within Crypto.com's active wallets, as reported by Etherscan.
The transfer, representing more than two-thirds of Crypto.com's SHIB holdings, amounted to more than $97 million. This sudden move caused a domino effect in the market, contributing to the drop in SHIB price over the past 24 hours.
Despite the recession, chain whale activity remained strong, with a significant burn rate of 386,077,185 SHIB recorded. Additionally, Whale Alert detected a massive accumulation of 332 billion SHIB, valued at $10.85 million, attributed to an undisclosed wallet address associated with Cumberland, a prominent crypto trading platform.
This major buildup, executed on March 11, has fueled speculation within the crypto community. Despite recent challenges,#SHIBcontinues to attract attention with its increasing whale activity and notable burn rates.
Currently, the Shiba Inu price reflects the current market volatility, having decreased over 18% in the past week. The token is currently trading at $0.00003248.
In the next few hours #ShibaInu will drop to 0.00003000, it would be time to buy and hold until the rebound to 0.00004000.
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