Earlier this month, $SHIB had a surge, reaching a high of $0.000033, but the good times did not last long, as prices plummeted in the past week.
By last Friday, the price of SHIB had fallen to $0.00002191, down 2% last week and nearly 20% in seven days.
The decline was mainly caused by the overall market downturn, coupled with the selling of whales holding a large amount of SHIB.
Take Thursday for example, a well-known whale deposited 399.99 billion SHIBs on the Gemini trading platform, worth $9.69 million.
This guy used 10 ETH to buy 15.2 trillion SHIB in 2020. Now he has made a fortune, with an estimated profit of up to 107.7 million US dollars. He still has 2 trillion SHIB in his hands, worth 48.54 million US dollars.
Moreover, last month this whale sold 100 billion SHIB after being silent for eight months, cashing out 2.81 million dollars.
Another analysis company also said that another whale sold 250 billion SHIB this week, earning 109 million dollars, which intensified the selling pressure.
The selling by these whales has caused SHIB's price to drop significantly, but the whales may be looking for opportunities to buy back at a lower price, eyeing key price points.
Oscar Ramos's SHIB community analyst said on a platform that the recent sell-off was a massacre, but he also encouraged long-term holders not to waver.
He believes that whales like to make money off SHIB, but this is the right time for us to stick to dollar-cost averaging.
It would be foolish to sell at a loss out of fear; historically, after such adjustments, there often comes a big rebound.
Although Ramos acknowledges volatility in the short term, he emphasizes the need for patience. He said SHIB is establishing its ecosystem through cooperation. Now is not the time to panic, but to look to the future.
As Ramos said, the SHIB community also had good news during the sell-off. On Thursday, Shiba Inu's chief developer Shytoshi Kusama announced a partnership with Chainlink. This collaboration allows SHIB to be used on 12 blockchains, which is big news.
Kusama said on Twitter that this is good news for SHIBARMY and SHIB, BONE, LEASH. We have more expectations for this cooperation.
This cooperation also introduced the integration of Chainlink Data Streams, making market data more accurate and supporting DeFi applications. This feature may make SHIB more attractive to institutional and retail investors.
Currently, SHIB's price is oscillating at a low level, and the activity of whales may be preparing to buy in at a low price, especially at the long-standing support level of $0.000020.
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