Shiba Inu Price at Inflection Point, Why to Buy SHIB Now Despite Selloff by Whales?

by

As a seasoned crypto investor with a knack for spotting trends and navigating the volatile landscape of digital currencies, I’ve learned to take market fluctuations in stride. Today’s 10% plunge in Shiba Inu price, coupled with a 22% drop over the past week, is undoubtedly disheartening, but it’s not uncharted territory for me. The sell-off by whales and subsequent panic selling by smaller investors is a common occurrence in this space.

Today, the value of Shiba Inu dropped over 10% and has decreased by approximately 22% in a week. Some initial Shiba Inu coin holders (known as “whales”) have started cashing out their meme coins, including Shiba Inu. As CoinGape predicted last week, the price dipped to $0.000024. However, the technical analysis suggests that Shiba Inu could experience a Santa Claus rally, preventing any additional decline below the recent low of $0.0000234.

Shiba Inu Coin Whales Sell-off

Large investors (whales) dumping their Shiba Inu coins in large quantities was signaled by on-chain data systems, which subsequently led small investors (SHIB holders) to panic sell. Consequently, the price of Shiba Inu coin experienced a significant drop of double digits on December 19th.

According to a report from Lookonchain, a large investor (whale) recently offloaded approximately 250 billion SHIB tokens, which equated to around $6.05 million in value. Interestingly, this same whale had invested just $3,800 to acquire an astounding 15.28 trillion tokens back in August 2020.

Additionally, it was disclosed by Spot On Chain that the same whale transferred an additional 150 million SHIB tokens to the Gemini cryptocurrency exchange, following the initial sale of 100 billion SHIB tokens by the early whale ‘0xd6b’ in November.

The current holdings consist of approximately 2 trillion Shiba Inu coins, worth around $48.38 million according to Etherscan data. This has generated a total profit close to $108 million.

Community Reacts Amid Shiba Inu Price Falling

In the recent market downturn caused by large investors (whales) selling off and a general weakness in the crypto market, many Shiba Inu holders have been forced to sell their positions. Over the past day, as much as $5 million worth of Shiba Inu tokens have been liquidated, including 1000SHIB and SHIB1000 long positions, according to data from Coinglass.

CoinGape warned about Shiba Inu price drop to $0.000024, the 0.382 Fib retracement level. The decline in SHIB burn rate and addresses hinted at potential fall. The dog-themed meme coin now trades at inflection point.

As a researcher, I’ve noticed that the Shiba Inu coin community has responded to the recent unexpected price drop with some members expressing worries about the low burn rate of SHIB. Yet, there remains a sense of optimism within the community regarding a potential price rebound, primarily driven by the anticipation surrounding the SHIFU and TREIT tokens. Interestingly, data from Shibburn indicates a significant decline in the weekly burn rate of SHIB by approximately 70%.

GM Friends

The dump was unexpected and brutal, I hope market will go up soon.

— $SHIB KNIGHT (@army_shiba) December 19, 2024

Shiba Inu Price Prepares for Parabolic Rally

Today’s SHIB price range has been between $0.000023 (low) and $0.000026 (high). Currently, it’s being traded at $0.0000241, bouncing back from the 50% Fibonacci retracement level. Some positive buying activity has been noticed on platforms like Cryptocom and CoinEx over the past few hours.

Yet, it’s crucial for investors to monitor the possible dip at $0.0000234. Currently, on-chain and technical signals are strengthening, suggesting that Shiba Inu’s price might reach a high of around $0.0000998 during the bull market extension in the following year.

Experts predict that the Shiba Inu coin (SHIB) may face a significant resistance level at approximately 0.000037 before it can potentially break out. There might be increased market volatility around the middle of January, which coincides with Donald Trump’s inauguration day.

Read More

2024-12-19 10:36