361 Billion SHIB Withdrawal Sparks Mystery Over Cryptocurrency's Value
The Shiba Inu price has been on a wild ride recently, and one major development is sparking questions about where the cryptocurrency's value went. A single withdrawal of 361 billion SHIB from Korean exchange Coinone left traders wondering what happened to that large amount of money.
Shiba Inu is currently ranked #34 by market capitalization and has a price of $0.00000507, down 3% in the past day. The token's market cap stands at $2.99B with $70.953M changing hands over the past 24 hours.
The withdrawal from Coinone is not the only factor affecting SHIB's price. Technical analysis shows that the daily chart on Binance indicates a bearish trend, with RSI sitting at 48.09 and below its moving average of 54.22. This suggests momentum has softened during this pullback.
According to experts, large exchange withdrawals like this can have multiple explanations, such as cold storage transfers or internal reshuffling. Without confirmation, it's difficult to pinpoint the exact reason behind this withdrawal.