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Shiba Inu investors panicked after whales dumped $6 million worth of SHIB, leading to widespread selloffs and liquidations. Analysts now highlight key resistance levels and on-chain activity pointing toward a potential price recovery.
Whale Selloff Triggers Panic in Shiba Inu Market
A massive whale sale of Shiba Inu coins, valued at millions of dollars, was detected by on-chain data systems. The result was a double-digit drop in the Shiba Inu price on December 19 due to panic selling by SHIB holders.
A whale reportedly made $6.05 million by selling 250 billion SHIB tokens, according to Lookonchain. Specifically, in August of 2020, the whale spent $3,800 buying 15.28 trillion tokens.
Spot On Chain also found that the same whale sold 150 million SHIB tokens on the cryptocurrency exchange Gemini. One hundred billion SHIB were sold by the early whale '0xd6b' in November.
Shiba Inu Whale Profits Near $108 Million
According to Etherscan data, it still has 2 trillion Shiba Inu coins, which are worth $48.38 million. In addition, a sum of almost $108 million has been generated as a result of this.
As a result of the selloff by whales and the general weakness in the cryptocurrency market, Shiba Inu traders and investors sold their holdings. Data from Coinglass shows that traders have been selling their SHIB, 1000SHIB, and SHIB1000 long positions for about $5 million in the past day.
At the 0.382 Fibonacci retracement level, which is $0.000024, CoinGape predicted that the Shiba Inu price will fall. A possible drop was hinted at by the decrease in the SHIB burn rate and addresses. The dog-themed meme coin has reached a turning point in its trading.
Community Remains Bullish Despite Low Burn Rate
In response to the sudden decline, members of the Shiba Inu currency community voiced their displeasure with the relatively low SHIB burn rate. On the other hand, community attitude surrounding SHIFU and TREAT tokens is favorable, thus they expect prices to recover. The weekly SHIB burn rate has dropped by 70%, as shown on the Shibburn portal.
The price of SHIB has ranged from $0.000023 at its low point to $0.000026 at its high point during the day. After recovering from the 0.5 Fib retracement line, the price is now trading at $0.0000241. Cryptocom and CoinEx are among the exchanges that have seen buying activity in the last few hours.
Analysts Eye Resistance at $0.000037 for SHIB Breakout
Nonetheless, the possible low of $0.0000234 should be carefully monitored by investors. Technical indicators and on-chain metrics are showing signs of improvement. If the bull market for Shiba Inus continues next year, their price can reach a peak at $0.0000998.
According to analysts, the next level of resistance for SHIB before a breakout is $0.000037. Midway through January, when Donald Trump is inaugurated, market volatility is likely.
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