Shiba Inu Price at Inflection Point, Why Buy SHIB Now Despite Whale Selling?

The price of Shiba Inu fell more than 10% today and 22% in a week, with some early SHIB whales seeing profits in the form of meme coins, including Shiba Inu coin. As CoinGape warned last week, the price fell to $0.000024. However, the SHIB technique is preparing for the Santa Claus rally as the meme token may not see a further fall below the $0.0000234 low.

Shiba Inu Coin Whale Sale

On-chain data platforms have alerted about the sale of Shiba Inu coins worth millions by whales. This triggered panic selling by SHIB holders, leading to a double-digit drop in Shiba Inu price on December 19.

Lookonchain reported that a whale sold 250 billion SHIB tokens worth $6.05 million. Notably, the whale spent $3,800 to purchase 15.28 trillion tokens in August 2020.

Additionally, Spot On Chain revealed that the same whale dumped an additional 150 million SHIB tokens on the Gemini crypto exchange. In November, the first whale “0xd6b” sold 100 billion SHIB.

He still holds 2 trillion Shiba Inu coins, valued at $48.38 million, according to Etherscan data. Additionally, it generated a total profit of almost $108 million.

Community reacts to falling Shiba Inu prices

Shiba Inu trades and investors liquidated their positions due to whale selling and broader weakness in the crypto market. According to Coinglass data, nearly $5 million in total long positions on SHIB, 1000SHIB and SHIB1000 were liquidated by traders in the last 24 hours.

CoinGape warned of Shiba Inu price falling to $0.000024, the 0.382 Fib retracement level. The drop in the burn rate of SHIB and addresses suggests a potential decline. The dog-themed meme coin is now trading at an inflection point.

The Shiba Inu coin community reacted to the unexpected drop, with some sharing concerns about the low burn rate of SHIB. However, the community is optimistic about price recovery due to the sentiment surrounding SHIFU and TREAT tokens. The Shibburn portal shows a weekly SHIB burn rate drop of 70%.

GM friends

The fall was unexpected and brutal, I hope the market will recover soon. pic.twitter.com/MeJI5VquDb

– $SHIB KNIGHT (@army_shiba) December 19, 2024

Shiba Inu Price prepares for parabolic rally

The intraday lows and highs of SHIB price are $0.000023 and $0.000026, respectively. The price is currently trading at $0.0000241 after rebounding from the 0.5 Fib retracement level. Buying activity was recorded on some exchanges, including Cryptocom and CoinEx, over the past few hours.

However, investors should keep an eye on the potential low of $0.0000234. On-chain and technical indicators are now improving. Shiba Inu price may peak near $0.0000998 as the bull market continues next year.

Analysts have highlighted $0.000037 as the next resistance for SHIB in the event of a breakout. Expect some volatility as we approach Donald Trump’s inauguration day in mid-January.