Shiba Inu (SHIB) Whale Moves Nearly 400 Billion Tokens, Making Substantial Profit
A significant transfer of Shiba Inu (SHIB) tokens has captured the attention of traders today, December 19, as a well-known early investor moved nearly 400 billion tokens. The on-chain analysis service Spot On Chain (@spotonchain) reported that this early buyer deposited 399.99 billion SHIB tokens (valued at $9.69 million) to Gemini, showcasing a history of substantial gains after acquiring 15.2 trillion SHIB in August 2020 for just 10 ETH.
Spot On Chain highlighted the whale’s profitable move, stating that the whale still holds 2 trillion SHIB (equivalent to $48.54 million) with an estimated total profit of $107.7 million (a 3.7x return) from their SHIB investments. This whale, known as address “0xd6b,” has a track record of taking profits, as seen in previous transactions where they offloaded tokens worth millions of dollars to platforms like Gemini and Crypto.com.
Despite the whale’s profit-taking activities, the price of SHIB has experienced a decline of approximately 6.2% in the last 24 hours, following a broader market downturn triggered by the recent Federal Open Market Committee (FOMC) press conference. Fed Chair Jerome Powell’s cautious approach to interest rate hikes in 2024 led to a bearish market response across digital assets.
However, despite these macroeconomic challenges, Shiba Inu’s technical structure on higher time frames remains relatively stable. The daily chart shows that SHIB has held key support at the 100-day Exponential Moving Average (EMA), which has been a strong support level since late September. This EMA has acted as a pivotal point for price action, providing support for SHIB on multiple occasions.
Currently, the 100-day EMA is situated at around $0.00002264, serving as a crucial support level for SHIB’s price. Additionally, SHIB is above the 0.382 Fibonacci retracement level at $0.00002409, with the 0.5 Fibonacci level at $0.00002821 acting as a psychological barrier for traders. Further upside resistance levels are at the 0.618 Fib ($0.00003234) and 0.786 Fib ($0.00003821), which could pose challenges for SHIB’s recovery.
In conclusion, while the SHIB whale’s profit-taking activities have raised eyebrows among traders, the overall technical outlook for Shiba Inu remains stable. With key support levels holding firm and resistance levels to watch for potential price movements, the future of SHIB in the market remains intriguing for investors.
(Source: Shutterstock, TradingView.com)