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Reading: Whale Sales Trigger a 22% Drop in Shiba Inu (SHIB) Price
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Deythere > News > News > Whale Sales Trigger a 22% Drop in Shiba Inu (SHIB) Price
NewsCryptoMarket

Whale Sales Trigger a 22% Drop in Shiba Inu (SHIB) Price

capturing the Shiba Inu SHIB market turbulence. The image features the Shiba Inu coin symbol surrounded by downw
Milena Volodina
Last updated: December 19, 2024 11:03 am
By
Milena Volodina
Published December 19, 2024
2 Min Read
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The price of Shiba Inu (SHIB) has taken a significant hit, dropping over 22% within the past week. This sharp decline has been attributed to heavy sales by large holders, or whales, causing panic among investors. On December 19, SHIB experienced a further 10% drop, bringing its price below $0.000024. Despite this, hopes for a recovery remain alive within the community.

Contents
  • Whale Activity Fuels Market Anxiety
  • Recovery and Future Outlook for Shiba Inu
  • Investor Takeaway

Whale Activity Fuels Market Anxiety

On-chain data platforms have revealed substantial SHIB sales by whales. According to Lookonchain, a single whale offloaded 250 billion SHIB tokens worth $6.05 million. Interestingly, this whale initially acquired 15.28 trillion SHIB in August 2020 for just $3,800. The sudden sale has triggered a ripple effect, leading to a widespread price downturn.

Community members have also raised concerns about the declining SHIB burn rate. The Shibburn portal reported a 70% decrease in weekly burn rates, further dampening market sentiment. However, optimism persists due to anticipated launches of tokens like TREAT and SHIFU, which could potentially bolster SHIB’s price. Community members frequently share sentiments such as, “This drop is temporary; the market will recover soon.”

depicting the recent decline in Shiba Inu SHIB price. The image features a Shiba Inu coin symbol with downward

Recovery and Future Outlook for Shiba Inu

Currently, SHIB is trading at $0.0000241, finding support near the 0.5 Fibonacci retracement level. Its daily price range has hovered between $0.000023 and $0.000026. Technical analysts suggest that as long as SHIB holds above $0.0000234, it could stage a rebound.

Critical resistance is identified at $0.000037, with some experts forecasting a potential rally to $0.0000998 during a 2024 bull market. Anticipated market volatility in January presents an important opportunity for investors.

Investor Takeaway

The recent fluctuations in Shiba Inu’s price highlight both risks and opportunities. Investors are advised to rely on technical analysis and closely monitor key levels to navigate the market effectively.

Dey There will continue to provide updates on SHIB’s performance and market developments as they unfold.

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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