Shiba Inu (SHIB) price has experienced a serious depreciation in the last week. The price, which dropped by 22 percent, created panic in the markets due to intense sales by whales. The 10 percent decline recorded on December 19 increased investors’ concerns. While Meme token has fallen below the $0.000024 level, recovery expectations are still alive.
Massive Sales of Whales Created Panic
On-chain data analysis platforms shared details of large-scale SHIB sales. A whale sold 250 billion Shiba Inu tokens for $6.05 million, according to Lookonchain. This whale purchased 15.28 trillion SHIB for only 3.8 thousand dollars in August 2020. This sale created a panic effect and triggered a downward wave in the market.
Community members expressed concern over the decrease in SHIB burning rates following the decline. The Shibburn portal recorded a drop in weekly burning of up to 70 percent. However, the community hopes that positive expectations for TREAT and SHIFU tokens can support the price. The phrases “This decline is temporary, the market may recover soon” are frequently shared.
Recovery and Future Predictions for Shiba Inu
Shiba Inu’s daily price movement was between $0.000023 and $0.000026. The price is currently trading at $0.0000241 and has found support at the 0.5 Fibonacci retracement level. Technical analysis shows that the price may rise again unless there is a break below the $0.0000234 level.
According to analysts, the $0.000037 level is a critical resistance point. It is estimated that the SHIB price may rise to $0.0000998 in the bull market in 2024. Market fluctuations, especially expected in January, may present an important opportunity for investors.
As a result, Shiba Inu price fluctuations bring both risks and opportunities. It is of great importance for investors to follow the market closely by adhering to technical analysis.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
