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Here’s Why Shiba Inu Price Eyes $0.00009 Despite Selloff by SHIB Whales?
Shiba Inu price shows signs of recovery after falling more than 10% today and 22% in a week. Whales are booking profits in meme coins, including Shiba Inu coin. As CoinGape warned last week, the price fell below the $0.000024 level today.
However, the meme coin may not witness further downfall to the support level despite crypto market crash. Analysts forecast a rally to $0.000099 from the $0.0000234 lows.
SHIB Inu Coin Records Massive Sell-off by Whales
On-chain data platforms alerted about Shiba Inu coin selloff worth millions by whales. This triggered a panic selling by SHIB holders, causing Shiba Inu price to drop double-digit on December 19.
Lookonchain reported that a whale sold 250 billion SHIB tokens worth $6.05 million. Notably, the whale spent $3.8K to purchase 15.28 trillion tokens in August 2020.
Further, Spot On Chain revealed that the same whale dumped another 150 million SHIB tokens to Gemini crypto exchange. In November, the early whale ‘0xd6b’ sold 100 billion SHIB.
It still holds 2 trillion Shiba Inu coin, valued at $48.38 million, as per Etherscan data. Moreover, this has resulted in a total profit of nearly $108 million.
Community Reacts Amid Shiba Inu Price Falling
Shiba Inu trades and investors liquidated their positions on selloff by whales and broader crypto market weakness. Almost $5 million in total SHIB, 1000SHIB, and SHIB1000 long positions were liquidated by traders in the last 24 hours, according to Coinglass data.
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.
Shiba Inu coin community has reacted to the unexpected fall, with some sharing concerns over low SHIB burn rate. However, the community is bullish on recovery in prices due to sentiment surrounding SHIFU and TREAT tokens. Shibburn portal showcases a decline in weekly SHIB burn rate by 70%.
GM Friends ☕️☀️
The dump was unexpected and brutal, I hope market will go up soon. pic.twitter.com/MeJI5VquDb
— $SHIB KNIGHT (@army_shiba) December 19, 2024
Shiba Inu Price Prepares for Parabolic Rally
The intraday low and high for SHIB price are $0.000023 and $0.000026, respectively. The price is currently trading at $0.0000244 after rebounding from the 0.5 Fib retracement level. The buying activity is recorded on some exchanges including Cryptocom and CoinEx in the past few hours.
However, investors must keep an eye on the potential low of $0.0000234. The on-chain and technical indicators are improving now. Shiba Inu price could peak near $0.0000998 in the bull market continuation next year, with a cup-and-handle pattern.
Analysts have pointed out $0.000037 as the next resistance for SHIB for breakout. Expect some volatility near Donald Trump’s inauguration day in mid-January.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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