On December 19, a significant Shiba Inu (SHIB) transfer caught the attention of traders as an early and profitable SHIB whale moved nearly 400 billion tokens. On-chain analysis service Spot On Chain (@spotonchain) highlighted that this notable early buyer deposited 399.99 billion SHIB (worth $9.69 million) to Gemini, having previously acquired 15.2 trillion SHIB for just 10 ETH in August 2020, resulting in substantial gains.
Spot On Chain wrote via X: "This early whale that realized a profit of $108 million has deposited $39.999 billion $SHIB (worth $9.69 million) to Gemini again within the past hour. Notably, on August 7, 2020, this whale purchased 15.2 trillion SHIB for just 10 ETH. Now, this whale still holds 2 trillion SHIB (worth $48.54 million), with an estimated total profit from SHIB of $107.7 million (3.7 times return)."
This is not the first time this anonymous whale has taken profits. In mid-November, Spot On Chain noted that the same early buyer (address "0xd6b") "returned to sell tokens after 8 months of inactivity," depositing 100 billion SHIB to Gemini (worth $2.81 million at that time). Prior to this, the whale was last active in March, transferring 200 billion SHIB to Gemini and Crypto.com.
Shiba Inu price decline
In the past 24 hours, the price of SHIB has dropped by about 6.2%, continuing the short-term downward trend of 10% since December 18.
It is worth noting that this weakness largely coincided with a general decline in the crypto market following the recent Federal Open Market Committee (FOMC) press conference. Though the anticipated 25 basis point rate hike was realized, Federal Reserve Chairman Jerome Powell emphasized a more restrained approach to rate cuts in 2024, leading to a weak response from the digital asset market.
Despite these macro headwinds and notable whale sell-offs, Shiba Inu's higher time frame technical structure remains relatively stable. On the daily chart, SHIB holds a key support level, namely the 100-day EMA, which has proven to be a strong support level for SHIB since prices first rose to this level at the end of September.
The EMA marked by yellow circles on the chart has repeatedly become a key pivot point for price movements, having received support for the fifth time during the observation period. Currently, the 100-day EMA is at approximately $0.00002264.
Additionally, SHIB remains above the 0.382 Fibonacci retracement level of $0.00002409, which is another key threshold currently being monitored by analysts. The 0.5 Fibonacci level of $0.00002821 is a key midpoint of the recent high-low range and will serve as a psychological test for traders if SHIB attempts to rebound.
Furthermore, additional upward resistance levels are at the 0.618 Fibonacci ($0.00003234) and the 0.786 Fibonacci ($0.00003821), which could become obstacles if bullish momentum returns.