The price of Shiba Inu (SHIB) has experienced a significant decline over the past week. The price dropped by 22%, triggering panic in the markets due to heavy selling by whales. A recorded drop of 10% on December 19 further heightened investor concerns. As the meme token fell below the $0.000024 level, hopes for recovery remain alive.
Whale Sales Create Panic
On-chain data analysis platforms shared details of large-scale SHIB sales. According to Lookonchain, one whale sold 250 billion Shiba Inu tokens for $6.05 million. This whale had purchased 15.28 trillion SHIB for just $3,800 in August 2020. This sale triggered a panic effect, leading to a wave of declines in the market.
Community members expressed concerns over the decrease in SHIB burn rates following the decline. The Shibburn portal recorded a weekly reduction in burn rates of up to 70%. However, the community hopes that positive expectations for TREAT and SHIFU tokens may support the price. “This decline is temporary; the market may recover soon,” is a frequently shared sentiment.
Recovery and Future Predictions for Shiba Inu
Shiba Inu’s daily price movement fluctuates between $0.000023 and $0.000026. Currently, the price trades at $0.0000241, finding support from the 0.5 Fibonacci retracement level. Technical analyses indicate that the price could rise again as long as it does not break below $0.0000234.
Experts consider the $0.000037 level to be a critical resistance point. It is predicted that the SHIB price could reach $0.0000998 within a bull market in 2024. The market fluctuations expected in January may present significant opportunities for traders.
In conclusion, the fluctuations in the Shiba Inu price bring both risks and opportunities. It is crucial for traders to closely monitor the market while relying on technical analyses.
