I Shiba Inu (SHIB) the price has fallen by 7% in the last 24 hours, alongside a decline in the broader crypto market. This downward pressure is caused by external factors that put Shiba Inu on the proposed October rally in danger.
Why Shiba Inu Prices Dropped 7%
I Shiba Inu price crashed due to the Israel-Iran conflict, which escalated on October 1. Iran fired several missiles against Israel in retaliation for the killing of the leader of the Iran-backed Hezbollah militant group Hassan Nasrallah and others. The growing tension in the center has brought fear and uncertainty to the market, which has sparked a wave of SHIB sales, causing its price to fall.
Dangerous goods like the Shiba Inu are often very affected in times like this, as the tension of the world like The Israel-Iran conflict always affects global markets. In addition, Bitcoin (BTC) has seen a significant price correction since Iran launched missiles against Israel, when the main crypto dropped to $60,000.
As such, SHIB’s price should have crashed next to Bitcoin, given that strong positive correlation between the two coins. The price of the Shiba Inu is still at risk of falling in value as Israeli Prime Minister Benjamin Netanyahu has suggested that his country will launch a retaliatory attack against Iran.
He said Iran made a big mistake and they will pay for it. Iran has also warned that it is prepared to carry out widespread strikes if Israel retaliates, indicating that this could lead to full-scale war. Such a development could easily lead to the Shiba Inu price losing the gains it made in September.
Meanwhile, the Isreal-Iran conflict has also acted as an obstacle to the Shiba Inu’s proposed gathering this month. The meme coin was in the edge of a historic run this October, considering that it has been enjoying monthly gains. However, this run could be disrupted if the growing tensions in the Middle East continue.
SHIB Whales Remain Undisturbed
Shiba Inu whales they are still gathering meme character amid the Israel-Iran tensions and the price drop. The data from the market intelligence platform IntoTheBlock shows that SHIB’s largest transactions have increased by about 13% over the past few days, indicating a tendency to accumulate among these investors. Specifically, 6.33 trillion SHIB tokens were traded in the last 24 hours.
Santiment also highlighted how Shiba Inu is currently leading the whales are swarming. The largest number of meme coins is said to have increased by 360% in the past week. This is undoubtedly good as it shows the confidence of these whales in the strength of the Shiba Inu before the next leg of the Whales. the bull runs.
At the time of writing, Shiba Inu is trading at around $0.000016, down more than 8% in the last 24 hours, according to the report. the data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com