Shiba Inu Whale Sells 421 Billion SHIB as Price Seeks Momentum

Joshua Ramos
With Shiba Inu (SHIB) recently erasing one zero from its price, a top market analyst has uncovered the key target and support levels to watch out for going forward. Shiba Inu price erased one zero to trade at a 24-hour high of $0.00001462. Though the token had shown signs of an imminent rally for weeks, the current market momentum pushed its price to the highest level in more than 52 weeks. Judging by the current outlook, market analyst SHIB KNIGHT affirmed that Shiba Inu has surpassed all of his previous targets. To showcase the confidence in the current uptrend, SHIB KNIGHT dropped new targets and support levels to watch. Shiba Inu to $0.00001668? Per an accompanying price chart, the 3 targets and support levels unveiled are relatively bullish, as none of the latter targets shows a slump below the $0.00001 level. According to $SHIB KNIGHT, the current momentum might push Shiba Inu to $0.00001466, a price point that will slightly outpace the 52-week high. On a more promising basis, the analyst foresees SHIB soaring to $0.00001545, a level that is about 9.886% from the current level. SHIB KNIGHT is also optimistic Shiba Inu could rally as high as $0.00001668 and even beyond, per earlier projections. Though the potential timeline to achieve this feat was not highlighted, the projections have set the community on edge with pent-up anticipation of what to watch out for. Cautionary SHIB Note Amid the bullish targets, SHIB KNIGHT left room for unforeseen circumstances that might trigger a reversal in Shiba Inu’s uptrend. At the time of writing, Shiba Inu has maintained a 24-hour growth of 13.06%, taking its price and market cap to $0.00001409 and $8,285,705,642 respectively. Exactly $2,271,151,442 SHIB has been traded within the same time span. There are no guarantees that the market would not record a correction. Riding on this, SHIB KNIGHT pegged the first support level at $0.00001343 with a subsequent target of $0.00001306 if the selloffs persist. To cap his bullish disposition, the analyst believes the support zone at $0.00001258 is a formidable one for SHIB, a point at which another trend reversal might be recorded.

In what is a rather surprising development for the ecosystem, one Shiba Inu whale has sold for more than 421 billion SHIB as the price desperate seek some more momentum. Indeed, the whale in question sold the meme coin collection after holding it for more than 2 and a half years according to a Spot On Chain report.

On Sunday, the asset made moderate movement upward, increasing only 0.32% to trade at $0.0000096 according to CoinMarketCap. Subsequently, the SHIB army is seeking to eliminate another zero from the price, with the week set to decide whether or not that could be possible before March arrives.

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SHIB Whale Sells Billions After 2.5-Year Hold

The prevalence of meme coins has been an undeniable subsect of the digital asset sector in the last several years. With tokens like Dogecoin (DOGE) gaining much renown, the industry has seen interest in these cryptocurrencies increasing. Specifically, that growth is tied closely to the overall increase in utility of the various networks.

One of the leaders in this area is Shiba Inu, who has seen a whale sell more than 421 billion SHIB as the price seeks some positive momentum. The sale was surprising as it took place after the whale held the tokens for more than 2.5 years. Moreover, the tokens were reportedly sold at a loss.

Also Read: Shiba Inu & Dogecoin Must Be in Your Portfolio in 2024: Here’s Why

Over the last 20 hours, half a trillion of Shiba Inu coins have been sold, all at a loss. Conversely, the 421.6 billion sale saw an average SHIB price of $0.000009437. Additionally, the tokens were first acquired in November of 2021, on HTX. Altogether, the report noted that the whale had lost more than $6.32 million on the sale.

Still, the asset is continuing to maneuver upward. Just last week, the asset came immensely close to finally eliminating a zero. Specifically, it traded at a $0.00000993 level, then slipped into a 6% decline for the rest of the week. Still, there remains optimism around the asset’s performance with the consistent efforts made by the development team. Indeed, burning mechanisms and constant network evolution have maintained faith in SHIB’s potential.