Shiba Inu is currently experiencing a rollercoaster of emotions as whale activity sends shockwaves through the market. A large-scale sale resulted in a $6 million drop, igniting panic among investors and leading to widespread selloffs. However, analysts are observing key resistance levels that may indicate a potential recovery.
The whale selloff has caused significant distress among Shiba Inu holders. Recent on-chain data revealed that a whale dumped $6.05 million, unloading a staggering 250 billion SHIB tokens. This triggered panic selling, resulting in a notable double-digit decrease in the SHIB price on December 19. The whale, having originally purchased these tokens for around $3,800 back in August 2020, made quite a profit.
In an additional twist, the same whale sold 150 million SHIB tokens on the Gemini platform. This particular whale, identified as ’0xd6b’, had previously sold 100 billion SHIB in November, highlighting the extent of the current selloff. Despite these moves, the whale still holds 2 trillion **SHIB, valued at $48.38 million, resulting in total profits nearing $108 million.
With the selloff sparked by whale activity and an overall downturn in the cryptocurrency market, SHIB traders began liquidating their positions. Data from Coinglass indicates that approximately $5 million in SHIB, 1000SHIB, and SHIB1000 long positions were sold in just one day. Analysts have pointed to the 0.382 Fibonacci retracement level at $0.000024 as a crucial point where the price may face weakness.
Despite the turbulence, the Shiba Inu community remains optimistic about future price movements. Community members express frustration with the low burn rate of SHIB, which has recently seen a 70% drop. However, there’s a favorable outlook toward other community tokens like SHIFU and TREAT, with anticipation of a price rebound. During the day, SHIB’s price fluctuated between $0.000023 and $0.000026, currently stabilizing at $0.0000241 as exchanges like Cryptocom and CoinEx witness buying activity.
Investors are advised to keep a close watch on potential lows around $0.0000234. Technical indicators and on-chain metrics reveal signs of possible improvement. If the bullish trend for Shiba Inu holds, analysts project a peak price of $0.0000998 in the coming year. Before reaching significant breakout potential at $0.000037, ongoing market volatility may lead to interesting developments as the community awaits Donald Trump’s inauguration in mid-January. This anticipated event could further influence market dynamics.
