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 has fallen to the level of $0.000024. However, SHIB's technology is preparing for a Santa Claus rally, as meme tokens may not fall further below the low of $0.0000234.
Shiba Inu whale sell-off.
On-chain data platforms issued alerts 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 on December 19.
Lookonchain reports that a whale sold 250 billion SHIB tokens for $6.05 million. Notably, this whale spent $38,000 in August 2020 to purchase 152.8 trillion tokens.
Additionally, Spot On Chain revealed that the same whale sold another 150 million SHIB tokens to the Gemini cryptocurrency exchange. In November, early whale '0xd6b' sold 100 billion SHIB.
According to Etherscan, it still holds 200 trillion Shiba Inu coins, worth $48.38 million. Additionally, this has brought nearly $108 million in total profit.
The drop in Shiba Inu's price sparked community reactions.
Shiba Inu trading and investors are liquidating positions due to whale sell-offs and overall weakness in the cryptocurrency market. According to Coinglass, traders have liquidated nearly $5 million in SHIB, 1000SHIB, and SHIB1000 long positions in the past 24 hours.
CoinGape warns that the price of Shiba Inu will drop to $0.000024, which is the 0.382 Fib retracement level. The decline in SHIB burn rate and addresses suggests a potential drop. The dog-themed meme coin is currently at a trading inflection point.
The Shiba Inu token community reacted to the unexpected drop, with some expressing concerns over the low SHIB burn rate. However, due to the sentiment surrounding SHIFU and TREAT tokens, the community is optimistic about a price recovery. The Shibburn portal shows a 70% decrease in weekly SHIB burn rate.
Shiba Inu price is preparing for a parabolic rebound.
The intraday low and high for SHIB prices were $0.000023 and $0.000026, respectively. After rebounding from the 0.5 Fib retracement level, it is currently trading at $0.0000241. In the past few hours, some exchanges, including Cryptocom and CoinEx, have recorded purchasing activity.
However, investors must watch for a potential low point of $0.0000234. On-chain and technical indicators are currently improving. During the continuation of the bull market next year, the price of Shiba Inu may peak around $0.0000998.
Analysts point out that $0.000037 is the next resistance level for SHIB to break through. Some volatility is expected on the day of Donald Trump's inauguration in mid-January.
