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Notably, this whale had previously withdrawn those tokens from Huobi Global and Binance at a ~$0.000042 average price between November 2021 and December 2022.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