SHIB Price Tanks 5%, Here’s Why More Selloff Coming Soon

Shiba Inu (SHIB) price today fell to $0.00000805, the lowest price recorded since June. The FUD in the crypto market and Shiba Inu whales continuously selling their SHIB holdings are the factors behind the recent drop in SHIB price.

The 24-hour low and high for Shiba Inu are $0.00000805 and $0.0000089, respectively. Therefore, the SHIB price has tumbled nearly 10% in the last 24 hours and 13% in a week. The price is currently trading at $0.000008202.

Shiba Inu Price to Fall Amid Whale Dumping

Shiba Inu’s burn tracker Shibburn in a tweet on December 17 revealed a total of 47,440,894 SHIB tokens burned in 11 transactions in the last 24 hours. According to the official burn website, Shiba Inu’s burn rate has increased by 235.41% in the last 24 hours.

Interestingly, among the transactions that burned the most SHIB tokens, Etherscan data of a wallet address revealed that the wallet was dormant for over a year. The wallet became active and transferred all 23,616,644 SHIB tokens to the burn address.

The meme cryptocurrency Shiba Inu (SHIB) became the whales’ favorite token after it witnessed massive rallies during the bull market in 2021. The whales have made millions of dollars in profit. However, with the crypto winter, SHIB has suffered one of the worst downfalls, causing whales to move away from the meme coin.

Recently, a Shiba Inu whale transferred over 210 billion tokens worth $2 million to crypto exchange Binance on December 14. The whale bought 3.49 trillion SHIB tokens for 2.37 ETH in 2020 and has since selling SHIB tokens in small amounts. The whale still holds over 546 billion SHIB tokens worth $4.86 million.

SHIB Price Can Drop More

Shiba Inu price has reached a crucial support level. Experts believe the negative market sentiment following the collapse of FTX will cause more selloffs. Moreover, the FUD related to Binance and DCG’s Genesis facing potential bankruptcy risk is limiting traders and whales to pour money into SHIB.

Analysts predict the SHIB price can fall to $0.0000075 before making an upside move. Analysts believe Bitcoin and Ethereum are bearish and have yet to form a bottom. Bitcoin and Ethereum rally will make SHIB follow suit.

Also Read: Bitcoin Price Prediction: Is $19K Still Possible Or BTC To Fall Below $15K?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.