Shiba Inu Whale Sells 250 Billion Tokens, Price Tests Key Support Level
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An early Shiba Inu (SHIB) whale investor recently sold $6.05 million worth of 250 billion tokens, causing the SHIB price to drop 22% over the past week, with the current trading price at $0.0000241.
Whale Sell-off Triggers Market Volatility
Massive Profits and Continuous Selling
According to Lookonchain data, this whale purchased 152.8 trillion SHIB in 2020 for just $3,800, currently holding 20 trillion tokens worth $48.38 million, with total profits nearing $108 million. The whale additionally sold 150 million SHIB through the Gemini exchange, further increasing selling pressure.
Market Chain Reaction
Coinglass data shows that approximately $5 million in long positions were liquidated after the sell-off. The whale's selling triggered retail and trader follow-up actions, amplifying market volatility.
Technical Analysis: Key Support and Resistance
Support Levels and Consolidation Range
The current technical support level is at $0.0000234; if breached, it may trigger further declines. The trading range is concentrated between $0.000023 and $0.000026, with the market in a consolidation state.
Potential Target Price
If bulls regain control of the market, the next key resistance level is $0.000037. Analysts believe this level is an important target for potential price recovery.
Community and Ecosystem Development Support Price Confidence
New Tokens and Future Expectations
Community sentiment is boosted by the upcoming launch of SHIFU and TREAT tokens, which are expected to add more utility to the SHIB ecosystem.
Decline in Burn Rate Raises Concerns
Shibburn data shows that the SHIB burn rate has decreased by 70% over the past week, raising concerns among some long-term holders about the insufficient speed of supply reduction.
The whale's sell-off and market volatility bring short-term pressure to Shiba Inu, but the stability of technical support levels, the launch of new tokens, and active community participation provide some hope for future price recovery. Traders should pay attention to key support levels and on-chain data, responding rationally to market fluctuations.
Live with the dot avatar, watch the live stream to catch the bull market!
