Whales are selling Shiba Inu Coin (SHIB) in large quantities due to the price war. A well-known investor sold 250 billion SHIB, equivalent to $6.05 million, from a strategy he bought in 2020 for $3,800. Despite the sale, the whale still holds about 2.15 trillion SHIB, worth about $52.18 million, with a total profit of $109 million. Recently, SHIB's price fell 6% due to market volatility, and its market value fell to $14.36 billion, but trading volume increased by 80.15%, reflecting increased market activity. Technical analysis shows that SHIB may face further downward pressure.
Whales are selling large amounts of Shiba Inu coins due to the price war. One prominent investor sold 250 billion SHIB coins, which is about $6.05 million.
However, the transaction was part of a grand strategy that began on August 6, 2020. At that time, investors purchased meme coins for only $3,800.
Despite the volatility in the cryptocurrency market, whales accumulated a total of $1.22 billion at the market's peak.
A whale sold 250B $SHIB ($605M) in the last hour for profit
As early as August 6, 2020, the whale spent $3.8K to buy 15.28T $SHIB (peak price was $1.22B).
This whale currently holds 2.15T $SHIB ($52.18M), with a total profit of $1.09M on $SHIB. https://t.co/BWxcnWuwFR pic.twitter.com/aQZFPyhYSv
— Lookonchain (@lookonchain) December 19, 2024
Despite the large number of Shiba Inus being sold, Whale still retains a large number of Shiba Inus in his portfolio.
Currently, they hold about 2.15 trillion SHIBs, worth about $52.18 million. Their SHIB transactions brought in a total profit of $109 million.
How much does the Shiba Inu coin cost?
Recently, Shiba Inu (SHIB) seemed to be in trouble, falling 6% in a day as technical analysis predicted possible volatility in 2025.
Meanwhile, as we head towards 2025, the Shibacoin price could reach a critical long-term breakout point at the 50% Fibonacci level.
SHIB could hit this point and use it as a critical moment for a significant price increase to the bullish target.
The chart depicts Shiba Inu (SHIB) experiencing a sharp decline over a 24-hour trading period before entering a recovery phase.
SHIB opened higher but soon faced a sharp sell-off, causing the price to fall rapidly.
However, there was a rebound after hitting lows, which shows some buying interest at lower levels.
SHIB/USDT 1-week chart | Source: InvestingHaven
Analysis of the X market impact after whale transactions
The impact of this massive sell-off was felt immediately in the SHIB market, with the Shiba Coin price dropping 6% in one day.
Its market cap has fallen to $14.36 billion, a mere 5.95%. However, volume has increased by 80.15%, indicating that the market has become busier. This may be why whales are doing this.
The increase in activity on all fronts could be because other investors were spooked by the price drop and sold their shares to avoid further losses.
Meanwhile, other investors are taking advantage of prices being different from what they are currently seeing.
Shiba Inu Market Technicals Shiba Inu (SHIB) price activity reveals a period of downside price movement contained within a descending channel. This is depicted by two parallel downward sloping lines.
The price has recently touched the lower boundary of the descending channel, which is likely to act as a support.
A rebound from this level could result in the price attempting to break out of the upper boundary of the channel. Conversely, a breakout could signal a continuation of the bearish trend.
4-hour SHIB/USD chart | Source: TradingView
The Average Directional Index (ADX) in the chart is currently at around 40.18, which is quite high and usually indicates a strong trend.
In this context, it highlights the strength of the current downtrend in Shiba Inu Coin’s price. If SHIB’s price continues to follow a descending channel pattern, traders may expect continued bearish behavior until a decisive breakout occurs.
A significant ADX value should make traders cautious because it means that the trend, whether it is upward or downward after the breakout, is likely to show strong momentum.
