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CoinGape 2024-12-19 07:31:53

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

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

Shiba Inu price fell more than 10% today and 22% in a week, with some early SHIB whales booking profits in meme coins including Shiba Inu coin. As CoinGape warned last week, the price fell to $0.000024 level. However, the SHIB technical prepares for Santa Claus rally as the meme token may not see further downfall below $0.0000234 low. Shiba Inu Coin Whales Sell-off 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 see double-digit fall 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. Shiba Inu whale transactions. Source: Spot On Chain 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 $0.0000241 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. 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. The post Shiba Inu Price at Inflection Point, Why to Buy SHIB Now Despite Selloff by Whales? appeared first on CoinGape .

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