Shiba Inu, a renowned meme cryptocurrency, experienced a significant decline in its value today due to notable selloffs by a major investor. The price of Shiba Inu dropped by over 6% from its peak, hitting a low of $0.00003036 during the day. The cryptocurrency community was taken aback when a whale transferred a staggering 1.4 trillion SHIB tokens, valued at $43.50 million, from an unidentified wallet to KuCoin, a popular global digital asset exchange.

While there is no concrete evidence of a sell-off transaction, many speculate that the massive transfer of SHIB tokens to KuCoin was likely for the purpose of selling them off. This move left the Shiba Inu community concerned about the possibility of further price declines. The community was surprised by the scale of this transaction, especially since there had been no other significant activities from Shiba Inu whales in the past 24 hours. Despite this recent sell-off, analysts remain hopeful about the cryptocurrency's target price of $0.01.

Coingape previously reported that Shiba Inu is currently facing a notable resistance level at $0.000032. Breaking through this resistance could potentially lead to a surge towards $0.00004, setting the stage for a significant climb towards $0.01. Conversely, if the price trends downwards, Shiba Inu might retreat to a support level of $0.00003. In a bearish market scenario, SHIB could see further declines, possibly dropping to $0.00002 or even slipping below $0.00001, indicating a challenging period ahead for this meme cryptocurrency.

At the time of reporting, the price of Shiba Inu had fallen by 3.70% to $0.00003081 on Friday, March 29, with a market capitalization of $18.15 billion. The 24-hour trading volume for SHIB witnessed a significant drop of 38.57% to $1.11 billion. Despite this recent decline, Shiba Inu's one-month returns remain around 120%. Additionally, during this bearish phase, the SHIB open interest decreased by 3.51% to $108.63 million. Data from Coinglass suggests that substantial long liquidations totaling $1.40 million could have contributed to the recent price dip.