On December 19, a large Shiba Inu (SHIB) transfer attracted the attention of traders. An early SHIB major user transferred nearly 400 billion SHIB. The recipient of this transfer was Gemini, and the amount was approximately US$9.69 million.
According to a report by Spot On Chain (@spotonchain), an on-chain data analysis service, this early SHIB investor purchased 15.2 trillion SHIB for 10 ETH as early as August 2020, earning considerable profits.
Spot On Chain said on X: “This $SHIB whale, who has made over $108 million in profits, just transferred 399.99 billion SHIB (about $9.69 million) to Gemini in the past hour.
It is worth mentioning that this whale only bought 15.2 trillion SHIB with 10 ETH on August 7, 2020. Now he still holds 2 trillion SHIB, worth about 48.54 million US dollars. It is estimated that his total profit from SHIB is 107.7 million US dollars, with a return rate of 3.7 times. "
This is not the first time that the anonymous whale has chosen to take profits. As early as mid-November, Spot On Chain pointed out that this early investor (with the address "0xd6b") started selling again after a long period of inactivity and deposited 100 billion SHIB to Gemini, which was worth about $2.81 million at the time. In fact, the last time this whale was active was in March, when he transferred 200 billion SHIB to Gemini and Crypto.com.
Shiba Inu Coin price drops
In the past 24 hours, SHIB’s price has fallen by about 6.2%, continuing a short-term decline of 10% on December 18.
This weak trend is largely consistent with the general decline in the crypto market after the recent Federal Reserve (FOMC) press conference. Although the Fed raised interest rates by 25 basis points as expected, Chairman Powell indicated in his speech that a more cautious rate cut strategy will be adopted in 2024, which led to a weak reaction in the digital asset market.
Despite these macro factors and whale selling, the long-term technical structure of Shiba Inu remains relatively stable. Looking at the daily chart, SHIB has found support at a key support level, the 100-day EMA. The 100-day EMA has been a strong support area for SHIB since the price first broke through this level in late September.
On the chart, the EMA, marked with a yellow circle, has served as a key pivot point for price action on multiple occasions, and it currently sits right around $0.00002264.
Additionally, SHIB is currently holding above the .382 Fibonacci Retracement level of $0.00002409, which is another key price level that analysts are watching.
Next, the 0.5 Fibonacci retracement level ($0.00002821), as the key midpoint of the recent high-low range, will be a psychological test of whether SHIB can rebound. If SHIB wants to resume its upward trend, this price level will be an important observation point.
If the price moves further up, the next resistance lies at the 0.618 Fib ($0.00003234) and 0.786 Fib ($0.00003821). These levels could act as hurdles on the way up, especially if bullish sentiment picks up.