![Why is Fake SHIBA Coin Pumping 200%? Stay Away From This Scam Meme Coin](https://captainaltcoin.com/wp-content/uploads/2023/10/Copy-of-P2P-Review-28.png)
Spot On Chain, an on-chain analytics platform, reported today that Whale 0x30e recently sold 341.57 billion SHIB tokens valued at $3.25 million at an average price of $0.0000595. This included:
- Depositing 311.57 billion SHIB ($2.97 million) to Binance
- Selling 30 billion SHIB on decentralized exchanges for 281,000 USDT
In total, over the past 6 hours the whale sold 421.57 billion SHIB worth $3.98 million at a $0.0000594 average across Binance and DEXs.
Notably, this whale had previously withdrawn those tokens from Huobi Global and Binance at a ~$0.000042 average price between November 2021 and December 2022. If fully selling their SHIB now, they would realize an estimated loss of $6.32 million or 61.4% after holding for nearly 2.5 years.
The whale currently holds no remaining SHIB tokens.
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +This selling pressure comes as SHIB struggles to gain upside momentum. SHIB price is down around 2% this week to trade at $0.0000095. According to analysis by altFINS, price had resumed its short and medium-term uptrend approaching resistance at $0.00001. However, momentum is now weakening as seen across MACD and RSI indicators.
![](https://captainaltcoin.com/wp-content/uploads/2024/02/image-906-1024x573.png)
On the support side, the nearest support zone holds around $0.000008. If price breaks above the $0.00001 resistance, the next test would come at $0.000012 which aligns with previous highs and the long-term neutral trend level.
For now, SHIB remains stuck below resistance and will need renewed buy-side impetus to rechallenge higher levels. The technicals suggest further consolidation is likely near-term. Traders may look for a breakout above $0.00001 or pullback toward the 200-day moving average around $0.000009 as the next swing trade opportunities.
You may also be interested in:
- Why is XAI Token Surging? Analyst Says ‘Consolidation Breakout Retested’ – Here’s His Outlook
- Starkent (STRK) and Filecoin (FIL) Prices Pumping – Here’s Why
- Meet The Viral Cryptos – Bitcoin Minetrix and BlockDAG (BDAG) Raise Millions In Their Ongoing Presales While Jupiter Surges
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.