Whale deposits of $SHIB into exchanges suggest potential profit-taking, hinting at a shift in market sentiment for meme coins.
Analysts predict that $SHIB’s price could peak at $0.0000998 by 2025, with volatility driven by key resistance and support levels.
Market corrections might occur as large holders liquidate profits, signaling a revaluation phase for $SHIB and other meme coins.
The cryptocurrency sees movements in Shiba Inu as major whales make large deposits. A prominent whale, holding a $108M profit, added 399.99 billion $SHIB ($9.69M) to Gemini in just an hour. This whale first bought 15.2 trillion $SHIB for only 10 ETH in 2020, and now holds 2 trillion $SHIB, worth $48.54M. The estimated total profit stands at $107.7 million, showing a 3.7x return.
Another whale, known as "0xd6b," offloaded some $SHIB after an 8-month hiatus. With a profit of $120M, this whale deposited 100 billion $SHIB ($2.81M) into Gemini. However, they still hold 2.5 trillion $SHIB, valued at $73M. The total profit for this whale amounts to $120M, marking a 415% gain. These whale actions suggest a potential shift in sentiment, especially as meme coin prices drop.
https://twitter.com/spotonchain/status/1869610434376188038 The Role of Whale Activity in SHIB’s Price Movement
Whale activity is undoubtedly influencing Shiba Inu's price. Two whales deposited a combined $10.6M worth of $SHIB and $PEPE into centralized exchanges (CEX). This comes amid a noticeable price dip, prompting questions about the sustainability of the current meme coin season. The market seems to be at a pivotal point.
Moreover, these moves point to broader trends in the market. Large-scale holders may be taking profits after years of growth. These activities often signal a market correction or a potential price revaluation, especially after explosive bull runs.
SHIB's 2025 Price Outlook
According to the analysis by crypto analyst InvestingHaven on X, Shiba Inu could reach a top of $0.0000998 and a low of $0.0000234 in 2025. The price trend is likely to be erratic given the current market conditions. In 2023, $SHIB had a breakout after a long period of decline. Now, it is near crucial support and resistance levels, particularly the 50% Fibonacci retracement at $0.00002589.
Source: InvestingHaven
If the current upward momentum continues, $SHIB may target $0.00007436 by 2025. However, sustaining the momentum above resistance levels is key. Moreover, the market’s trend may continue its shift from a bearish to a neutral-bullish phase.
The post Whale Moves Spark Shiba Inu Price Shifts as $10.6M in SHIB Deposits Hit Exchanges appeared first on Crypto News Land.
