Shiba Inu's price has taken a hit, dropping over 10% today and 22% in the last week. This decline is largely attributed to early SHIB whales cashing out their profits in meme coins, including Shiba Inu.

According to on-chain data, there's been an 83% decline in $SHIB whale transactions exceeding $100,000 between December 9 and December 18. This significant decrease in whale activity has reduced market liquidity and weakened investor confidence, potentially leading to further sell-offs and price corrections.

The current price of Shiba Inu is around $0.0000241, with immediate resistance at $0.00002874 and support at $0.00002561. If SHIB fails to hold above this support level, it may trigger further sell-offs, potentially driving the price down to $0.00002200.