Shiba Inu (SHIB) has faced a significant price drop of over 10% in just 24 hours, trading at $0.00002326 as of November 15, 2024. This decline follows a massive transfer of 4 trillion SHIB by a whale to an unknown wallet, which has raised concerns among investors [a054173e]. Additionally, SHIB's trading volume has plummeted by 42%, now standing at $1.96 billion, while its market cap is at $13.93 billion. Despite this recent downturn, SHIB has shown resilience, being up 23.76% over the past week and 29.49% in the last 30 days [a054173e].
The price drop can also be attributed to comments made by Federal Reserve Chair Jerome Powell, who stated that the US economy is performing well. This has reduced the likelihood of immediate interest rate cuts, which typically influences market sentiment and can affect cryptocurrency prices [a054173e]. Currently, SHIB is trading at 73.71% below its all-time high of $0.00008845, but it has surged by an impressive 180% since November 2023 [a054173e].
In the context of the broader cryptocurrency market, Dogecoin (DOGE) has also experienced fluctuations, trading at $0.107, down over 5% as of October 8, 2024. This follows a period of growth where Dogecoin surged by 10% earlier in the month [39459fb7]. The overall market has been impacted by macroeconomic factors, including recent job reports that have raised concerns about the Federal Reserve's interest rate policies [39459fb7].
Despite the current challenges, analysts had previously predicted positive trends for both SHIB and DOGE, with expectations for technological advancements and new product launches that could attract more investors in the future [9927fc7c]. However, the recent whale transfer and macroeconomic developments have overshadowed these optimistic forecasts, leading to a cautious outlook for both cryptocurrencies [a054173e].