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 dollars worth of 250 billion tokens, causing the SHIB price to drop 22% over the past week, with the current trading price at 0.0000241 dollars.

Whale Sell-off Triggers Market Volatility

Huge Profits and Ongoing Sell-offs

According to Lookonchain data, this whale bought 152.8 trillion SHIB for only 3,800 dollars in 2020, and currently holds 20 trillion tokens worth 48.38 million dollars, with total profits approaching 108 million dollars. The whale further sold an additional 150 million SHIB through the Gemini exchange, increasing the selling pressure.

Market Chain Reaction

Coinglass data shows that approximately 5 million dollars in long positions were liquidated after the sell-off. The whale's sell-off triggered retail investors and traders to follow suit, amplifying market volatility.

Technical Analysis: Key Support and Resistance

Support Levels and Consolidation Range

The current technical support level is at 0.0000234 dollars; if it fails, it may trigger further declines. The trading range is concentrated between 0.000023 and 0.000026 dollars, with the market in a consolidation state.

Potential Target Price

If the bulls regain control of the market, the next key resistance level is 0.000037 dollars. Analysts believe that this level is an important target for potential price recovery.

Community and Ecosystem Development Support Price Confidence

New Tokens and Future Expectations

Community sentiment has improved due to the upcoming launch of the SHIFU and TREAT tokens, which are expected to add more utility to the SHIB ecosystem.

Declining Burn Rate Raises Concerns

Shibburn data shows that the SHIB burn rate decreased by 70% over the past week, causing some long-term holders to express concerns about the insufficient speed of supply reduction.

The whale's sell-off and market volatility have put short-term pressure on Shiba Inu, but the stability of the technical support level, the launch of new tokens, and the community's active participation provide some hope for future price recovery. Traders need to pay attention to key support levels and on-chain data, responding rationally to market fluctuations.

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