Crypto
Shiba Inu Price Plummets Over 8% Amid Whale Selling
The Shiba Inu (SHIB) token price has dropped by over 8% in the past 24 hours due to whale selling, raising concerns that it may face another decline if buying demand weakens.
According to CoinGecko data, SHIB traded around $0.00000466 at the time of writing, down about 8.4% over the past day after briefly extending last week's rebound.
The decline has erased much of the rally that pushed SHIB as high as $0.00000537 before sellers regained control.
On-chain data from Santiment indicates that large holders began taking profits as retail traders rushed into the rally, with 52 whale transactions worth more than $100,000 within a single day, the highest count since late March.