Shiba Inu (SHIB) whales profit $109 million during SHIB price decline

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According to blockchain analytics platform Lookonchain, the journey of the whales with SHIB began on August 6, 2020, when they invested $3,800 to purchase a massive 15.28 trillion SHIB tokens.

Shiba Inu (SHIB) is facing increasing pressure, with its price dropping 5.57% in the past 24 hours. It is currently trading at approximately $0.0000241, with a market cap of $14.1 billion. The recent decline has raised concerns about a short-term drop in SHIB.

Technical indicators such as the Bollinger Bands suggest that SHIB's price may decline in the short term. The lower Bollinger Band indicates that the token's price could drop to $0.0000238 and possibly around $0.0000228 as it seeks a local bottom.

Despite the continuous decline of SHIB, it is approaching a critical 50 EMA level, which could become a turning point. If the token finds support at $0.000024, it may re-attract investor interest and achieve a potential recovery.

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