- Shiba Inu has crashed by 10% in the past day and SHIB trades at $0.00002326.
- A whale transferred a whopping 4 trillion SHIB to an unknown wallet.
- The Fed said that the US economy is doing well and rate cuts will be introduced carefully.
The popular meme coin Shiba Inu (SHIB) dropped by more than 10% in the past 24 hours. It currently trades at $0.00002326. While SHIB saw gains during the market rally, its upward trend appears to be slowing down after a whale transferred a massive 4 trillion SHIB tokens.
Whale Alert reported on X (formerly Twitter) that an unknown wallet transferred 4 trillion SHIB to another unknown wallet on Thursday. The wallet owner paid a mere $8.10 in ETH fees for the transactio
According to CoinMarketCap data, in the past 24 hours, SHIB dropped from $0.00002604 to the daily low of $0.00002300. However, since then, 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%.
Fed’s Stance on Rate Cuts
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.”
Read also: Shiba Inu Surges 80% in a Week as Whale Activity and Burn Rates Soar
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 62%.
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