Shiba Inu Price Drops 20% as Whale Moves 4 Trillion SHIB—Is a Sell-Off Incoming?

The post Shiba Inu Price Drops 20% as Whale Moves 4 Trillion SHIB—Is a Sell-Off Incoming? appeared first on Coinpedia Fintech News

Shiba Inu (SHIB), the popular dog-themed memecoin has seen its rally hitting a roadblock after gaining 80% in November before correcting by over 20%. Now, SHIB is stuck in a consolidation phase, leaving many to wonder what comes next. In addition to this Shiba Inu whale recently moved a massive 4 trillion SHIB, worth $99 million, to an unknown address, sparking fears of a potential sell-off. 

Shiba Inu’s Price Struggles

Looking at SHIB’s recent price chart, a candlestick pattern resembling a “spinning bottom” has emerged, signaling market hesitation. This pattern usually signals that the previous upward trend may not continue and that the market is looking for direction. 

SHIB is now trading closer to its support levels, which means it could face more declines if it falls below important levels like $0.00002100. If that happens, it could be tough for SHIB to regain its bullish momentum.

Despite this, some SHIB holders remain hopeful that the coin could stabilize and form a base for future growth. For that to happen, SHIB needs to break above the key resistance level of $0.00002350. If it does, it could spark more buying interest and push the price higher.

Curious about Shiba Inu’s next move? Read the latest Shiba Inu price prediction and stay ahead of the market!

Shiba Inu Whale Move 4 Trillion SHIB 

In addition to this a massive whale transfer of  4 trillion SHIB, worth $99 million, to an unknown wallet was reported by Whale Alert. The tokens were transferred at an average price of $0.00002475.