Early SHIB Buyer Sells 100B Tokens – Shiba Inu Price To Hold?

Shiba Inu rally comes alongside a major 100+% jump in Dogecoin (DOGE) and a new all-time high for Bitcoin (BTC), which briefly touched $89,864.

As meme coins gain traction, some SHIB whales are beginning to cash in, possibly sensing the current market strength won’t last forever.

Despite offloading a portion of their holdings, this whale still holds 2.5 trillion SHIB (around $73 million) – a huge position that keeps them influential in SHIB’s future price moves.

– Advertisement –

“Early $SHIB buyer ‘0xd6b,’ with a $120M profit, is back to offload tokens after 8 months of inactivity,” tweeted SpotOnChain, noting that the sale took place on Gemini.

SHIB Price Faces Key Resistance: Will It Rally or Retreat?

With SHIB trading around $0.00002553, it remains well below its 2021 peak of $0.00008616, showing there’s still room for gains.

Indicators are mixed: on one hand, the Stochastic RSI is signaling SHIB may be overbought, while the Chaikin Money Flow (CMF) index is still positive, suggesting buying interest remains.

– Advertisement –

This whale’s timing could mean they expect a slowdown soon, and with $5.63 million in liquidations seen in SHIB’s derivatives market in the last 24 hours, there’s already signs of profit-taking pressure.

SHIB’s rally has been exciting, but if more whales like “0xd6b” start selling, we could see a dip. For now, the whale’s big sale signals that even loyal holders see value in locking in gains when prices surge.

Whether the momentum holds or not, SHIB watchers should keep an eye on the whales—where they move, the market often follows.

Shiba Inu (SHIB) recently surged but couldn’t break through its crucial resistance level at $0.00003080. After an impressive rally last week, the memecoin’s price has retracted over the past 48 hours.

What’s Next for Shiba Inu?

SHIB’s Simple Moving Average (SMA) is offering some support, yet the RSI indicates potential bearish pressure, suggesting a cautious market sentiment.

If SHIB maintains support at $0.00002350, a rebound toward $0.00003080 could be possible, with an upper target of $0.0000380 if bulls regain control.

However, if selling pressure persists, SHIB may dip further, potentially testing lower support around $0.0000170.

Will SHIB retest its highs, or is there more downside ahead?