Shiba

Arkham

Shiba Inu

<ul>
 <li>Shiba Inu (SHIB) experienced a significant 6% drop to the $0.000032 range.</li>
 <li>Crypto.com witnessed an unexpected movement of 2T SHIB tokens between its hot wallets.</li>
</ul>
Shiba Inu (SHIB) faced a substantial setback after encountering a <a href="https://thenewscrypto.com/shiba-inu-shib-soars-to-two-year-high-amidst-bull-run/" target="_blank" rel="noopener noreferrer nofollow">major resistance level</a> 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.
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="807" height="317" src="https://thenewscrypto.com/wp-content/uploads/2024/03/image-71.png" alt="" class="wp-image-93495" srcset="https://thenewscrypto.com/wp-content/uploads/2024/03/image-71.png 807w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-71-300x118.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-71-768x302.png 768w" sizes="(max-width: 807px) 100vw, 807px">
 <figcaption class="wp-element-caption">Crypto.com Hot Wallet Holdings (Source: <a href="https://platform.arkhamintelligence.com/explorer/address/0xCFFAd3200574698b78f32232aa9D63eABD290703" target="_blank" rel="noopener noreferrer nofollow">Arkham Intelligence</a>)
 </figcaption>
 </figure>
</div>
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.
<h3 class="wp-block-heading" id="h-shiba-inu-shib-s-whale-on-the-track">Shiba Inu SHIB’s Whale on the Track</h3>
Despite the price downturn, on-chain whale activity for Shiba Inu <a href="https://thenewscrypto.com/shib-breaks-into-top-10-cryptocurrency-with-21b-market-cap/" target="_blank" rel="noopener noreferrer nofollow">remained positive</a>, 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, <a href="https://thenewscrypto.com/shiba-inu-shib-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu’s price</a> 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.

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

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