There was a notable sell-off in the last hour as a Shiba Inu whale recently liquidated 250 billion SHIB worth $6.05 million. With a mere $3,800, this whale made its first foray into the SHIB market on Aug. 6, 2020, purchasing an incredible 15.28 trillion #SHIB, which reached its peak value of $1.22 billion. The whale has made a total profit of $109 million over the course of their holdings, and they still have 2.15 trillion SHIB, or roughly $52.18 million. This sell-off suggests that whale behavior may be changing, which frequently affects the mood of the retail market. Large-scale liquidations have the potential to frighten smaller investors and raise volatility, especially when they occur at important support levels.
The decrease in this token can be estimated from this chart.
Additionally, the quick sell-off emphasizes how crucial it is to keep an eye on whale activity in order to forecast future price movements on assets such as #SHIB. A look at the given price chart shows that Shiba Inu has been declining, most recently breaking below the crucial 50 EMA, which is usually a strong support line. The breakdown emphasizes the absence of bullish momentum to support higher levels and points to increased selling pressure. SHIB is now trading at about $0.00002408, and the next important support levels are close to $0.00002283 and $0.00002045. A more significant correction might occur if these levels are not maintained. With its potential in DeFi and meme culture, Shiba Inu continues to attract a robust community and speculative interest despite the pessimistic short-term outlook.
What should new and experienced investors do?
Both new and seasoned investors should exercise caution, though, given the state of the market and whale activity. Despite whales' significant profit-taking, the move puts more pressure on #SHIB, which is still having trouble finding a steady support level. Future price changes and any resurgence of whale activity should be monitored, as it is the only real-time indicator of the asset's performance.