Whales are dumping a large amounts of Shiba Inu coin as price struggle. One notable investor sold 250 billion SHIB, which is about $6.05 million.
However, this transaction is a part of a grander strategy that began from 6th August 2020. This is when the investor had purchased the meme coin for a mere $3800.
In total, the whale accumulated $1.22 billion when the market peaked despite a volatile crypto market.
Although a great deal of SHIB is being sold, the Whale keeps a large size of Shiba Inu in his portfolio.
At the moment, they hold around 2.15 trillion SHIB, valued at around $52.18 million. Their SHIB transactions have brought in a nice little $109 million in total profit.
What’s In Store for Shiba Inu Coin Price?
Recently, as technical analysis projects a huge probability of possible fluctuations within 2025, Shiba Inu (SHIB) seems to be struggling, down 6% in a day.
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Meanwhile, Shiba Inu Coin price is may reach a crucial secular breakout point in the 50% Fibonacci level as we advance toward 2025.
SHIB could hit this point and use it as a pivotal moment for a huge price move towards the bullish target.
The chart depicts Shiba Inu (SHIB) experiencing a sharp decline followed by a recovery phase over a 24-hour trading period.
SHIB opened at a higher price point but quickly faced a significant sell-off, causing a rapid price drop.
However, after reaching a low, there was a rebound indicating some buying interest at lower levels.
Market Impact Following the Whale’s Transaction
Immediately, the repercussions of this large sell-off can already be felt in the SHIB market. A notable 6% decrease has occurred within a day for Shiba Inu coin price.
Its market capitalization, which has fallen to $14.36 billion, stands at 5.95%. However, there has been an 80.15% increase in volume to indicate that the market has become busier. This which may be why the whale did what it did.
It could be that the increased activity on all fronts results from other investors being spooked by the price drop and selling their stakes to avoid further losses.
At the same time, other investors taking advantage of prices not being what they currently appear to be.
Shiba Inu market technicals Shiba Inu (SHIB) price activity reveals a period of downward price movement encapsulated within a descending channel. The two parallel downward-sloping lines depict this.
The recent price has touched the lower boundary of the descending channel, which may act as a support level.
A bounce from this level could see prices attempt to break through the upper boundary of the channel. Conversely, a break below could signal a continuation of the bearish trend.
The Average Directional Index (ADX) is featured in the chart with a current value of around 40.18, which is quite high and typically signifies a strong trend.
In this context, it underscores the strength of the current downward trend in Shiba Inu coin price. If SHIB’s price continues to respect the descending channel pattern, traders might expect continued bearish behavior until a decisive breakout occurs.
The significant ADX value should keep traders cautious as it implies that the trend, whether upward or downward post-breakout, could exhibit strong momentum.
