Shiba Inu Whale Sells at Massive Loss While SHIB Price Struggles to Sustain Momentum

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Notably, this whale had previously withdrawn those tokens from Huobi Global and Binance at a ~$0.000042 average price between November 2021 and December 2022.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.

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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.

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.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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