The price of Shiba Inu has dropped more than 10% today and 22% over the week, with some early SHIB whales profiting from meme coins including Shiba Inu. As CoinGape warned last week, the price fell to the level of 0.000024 dollars. However, the SHIB technicals are preparing for a Santa Claus rally, as the meme token may not further breach the low of 0.0000234 dollars.
Shiba Inu whale sell-offs.
On-chain data platforms have raised alarms about whale sell-offs worth millions of Shiba Inu coins. This triggered panic selling among SHIB holders, leading to a double-digit drop in the price of Shiba Inu coins on December 19.
Lookonchain reports that a whale sold 250 billion SHIB tokens, worth 6.05 million dollars. Notably, this whale spent 38,000 dollars to purchase 15.28 trillion tokens in August 2020.
Additionally, Spot On Chain revealed that the same whale sold another 150 million SHIB tokens to the Gemini cryptocurrency exchange. In November, the early whale '0xd6b' sold 100 billion SHIB.
According to Etherscan data, it still holds 200 trillion Shiba Inu coins, worth 48.38 million dollars. In addition, this has brought a total profit of nearly 108 million dollars.
The drop in Shiba Inu prices triggered community reactions.
Shiba Inu trading and investors are liquidating positions due to whale sell-offs and the overall weakness of the cryptocurrency market. According to Coinglass data, traders have liquidated nearly 5 million dollars worth of SHIB, 1000SHIB, and SHIB1000 long positions in the past 24 hours.
CoinGape warns that the price of Shiba Inu will fall to 0.000024 dollars, which is the 0.382 Fib retracement level. The decline in SHIB burn rate and addresses suggests a possible downturn. The dog-themed meme coin is now at a trading turning point.
The Shiba Inu token community reacted to the unexpected drop, with some expressing concern over the low SHIB burn rate. However, due to the sentiment surrounding SHIFU and TREAT tokens, the community remains optimistic about a price recovery. The Shibburn portal shows that the weekly SHIB burn rate has decreased by 70%.
Shiba Inu price is preparing for a parabolic rebound.
The intraday low and high prices of SHIB were 0.000023 dollars and 0.000026 dollars, respectively. After rebounding from the 0.5 Fib retracement level, the current trading price is 0.0000241 dollars. In the past few hours, some exchanges, including Cryptocom and CoinEx, have recorded buying activity.
However, investors must pay attention to the potential low point of 0.0000234 dollars. On-chain and technical indicators are currently improving. During the continuation of the bull market next year, Shiba Inu prices may peak around 0.0000998 dollars.
Analysts point out that 0.000037 dollars is the next resistance level for SHIB to break through. Some volatility is expected on January 20, the day of Donald Trump's inauguration.
