Whale Offloads 100B SHIB, Could Shiba Inu Price See A Pullback?

Shiba Inu is experiencing a price correction, where a recent whale sale of 100 billion SHIB indicates profit-taking. Although the market is met with selling pressures, the retail traction is growing rapidly.

The recent significant move by a whale, who recently sold 100 billion SHIB for $2.85 million, clearly indicates that there is profit-taking at the level of major holders. It is worth noting that this whale only invested $3,800 over 15.28 trillion Shibs on the market in 2020.

It can also mean that by selling off part of their holdings, they do not like the current price of Shiba Inu or may be expecting a lot of activities in the market.

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Such large sales from whales can create selling pressure, which may lead to short-term price declines as the market absorbs the additional supply.

This activity may also make smallholders nervous about it, thereby reducing the speed with which the buying pressure builds.

However, considering the fact that a very large quantity of Shiba Inu (2.5 trillion SHIB valued at $75.2 million) remains unchanged, great expectations of Shiba Inu’s performance in the future still exist, and this may help to maintain the confidence to bring stability to the price.

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Retail Interest Surges, But Large Holders Have Declined

The explosive growth in the price of Dogecoin, resulting from the influx of many retail investors, has occurred at the same time as a decrease in the number of large holders, specifically wallets with over 100,000 DOGE, which shrank by 350 in the losing basket in the previous four weeks.

But a light shade of reinvestment from large players is hinting at the return of 108 such wallets in the past few days. Such a change in the purse structure of DOGE’s investors might have ramifications for Shiba Inu because of their interdependence in terms of historical regression.

As 12th November 2024 came to an end, Shiba Inu traded at $0.00002550, representing an 11.19% decrease in the last 24 hours and a 40.83% increase in 7 days. This latest drop in the price of SHIB corresponds strongly with the retracement experienced in DOGE, also dropping 5%

There is potential that the declining trend of activity of large holders of DOGE will cause the volatility of SHIB to increase. If it is the case that the large holders of DOGE are diversifying by shifting their assets, it will not be surprising that some are looking to invest in SHIB.

On the other hand, should this reduction in the number of large holders of DOGE be indicative of risk-off sentiment in the market, then again Shib cannot escape the downside.

Shiba Inu Technical Analysis: Key Levels to Watch

The Shiba Inu token enjoyed a small bullish surge recently that pushed its price up to $0.00003050, though a pullback from its recent surge is evident. The price level that the Shiba token is selling on currently is $0.00002580, which is expected to be the case for defeat in the short-term period.

It will result in an indication of a potential further retracement awaiting the price action, which seeks support around $0.00002100. This area may provide a strong floor for further upward attacks, allowing buyers to jump back into the game if  SHIB stabilizes at this place.

The prices in the recent few upswings appear to be high, and so does volume for SHIB, which still deserves interest and an uptrend, but it seems a pullback or a consolidation at these levels may be healthy for sustaining further progress.

The current values of 59.46 on the Money Flow Index indicate that the bulls are still active in there for SHIB, although it is not fully exploited yet. Hence SHIB might go upwards if it finds support on the lower levels, while breaking this zone will lead to a further bearish attitude