- SHIB hits 0.00002668 in the middle of the bullish rally and the token is facing resistance at 0.00002600.
- As the Federal Reserve signals steady interest rates, 4 trillion SHIB has been moved between wallets causing a 5 fall.
- Federal Reserve Chairmen Jerome Powell's speech leads to crypto dip SHIB, Bitcoin, and Ethereum prices drop after the announcement.
Shiba Inus price upsurge faces major resistance at 0.0002668 because of a major transfer of 4 trillion SHIB by whales. Shiba Inu is one of the most popular meme coins available in the crypto market and is a well-established token in the market. From its inception as a viral meme coin, it has a community base that has turned to more endeavors. The features of the Shiba Inu ecosystem constitute a decentralized exchange with a layer 2 protocol for Ethereum and two NFT collections. In this short span after the launch, Shiba Inu has overgrown its meme coin status evolved into a decentralized ecosystem, and grown its utilities with many real-world partnerships and projects.
Shiba Inu faced a substantial transfer of 4 trillion tokens valued at approximately 99 million between two unknown wallets. This transaction created speculation about the future of the token. These large whale transactions create volatility in the market. This creates an urge to sell or shift positions in the community.
The coincidence of the SHIB price upsurge and this massive transfer of tokens increased the caution among investors. The value of SHIB has reduced by almost 5 with a drop in market capitalization by 5.30 to 1.419 B.
Stance of Federal Reserve in Rate Cuts.According to the chairman of the Federal Reserve Jerome Powell, the US economy does not require any immediate rate cuts. This approach caused a reduction in the expectation of a December rate cut. This remark impacted the crypto market with a slight downtrend.
