Shiba Inu (SHIB) Whales Selling Rapidly: Details

There was a notable sell-off in the last hour as a Shiba Inu whale recently liquidated 250 billion SHIB worth $6.05 million. With a mere $3,800, this whale made its first foray into the SHIB market on Aug. 6, 2020, purchasing an incredible 15.28 trillion SHIB, which reached its peak value of $1.22 billion. The whale has made a total profit of $109 million over the course of their holdings, and they still have 2.15 trillion SHIB, or roughly $52.18 million.

This sell-off suggests that whale behavior may be changing, which frequently affects the mood of the retail market. Large-scale liquidations have the potential to frighten smaller investors and raise volatility, especially when they occur at important support levels. 

Additionally, the quick sell-off emphasizes how crucial it is to keep an eye on whale activity in order to forecast future price movements on assets such as SHIB. A look at the given price chart shows that Shiba Inu has been declining, most recently breaking below the crucial 50 EMA, which is usually a strong support line.

The breakdown emphasizes the absence of bullish momentum to support higher levels and points to increased selling pressure. SHIB is now trading at about $0.00002408, and the next important support levels are close to $0.00002283 and $0.00002045. A more significant correction might occur if these levels are not maintained. With its potential in DeFi and meme culture, Shiba Inu continues to attract a robust community and speculative interest despite the pessimistic short-term outlook.

Both new and seasoned investors should exercise caution, though, given the state of the market and whale activity. Despite whales' significant profit-taking, the move puts more pressure on SHIB, which is still having trouble finding a steady support level. Future price changes and any resurgence of whale activity should be  monitored, as it is the only real-time indicator of the asset's performance.