Shiba Inu Price Crashes: $6M Whale Sell-Off Sparks Panic

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The crypto market felt the aftershock of the latest 25 bps cut and the Fed’s hawkish comments on Bitcoin hurt Bitcoin price and the other altcoins within the market. Seems that the downtrend triggered large whale sell-offs, commonly referred to as whales, in the hope to profit from previous gains. Today even Cardano saw a massive whale selloff. 

A recent Shiba Inu whale sell-off has sparked concerns in the market. This whale, who initially invested $3,800 in SHIB back in 2020, recently liquidated 250 billion SHIB valued at $6.05 million, adding to their total profit of $109 million. Despite the sell-off, the whale still holds 2.15 trillion SHIB worth $52.18 million.

Traders Left Wondering: Why Now?

The timing has traders asking: why sell now, and will they sell more? In the downtrend, this move could be a sign of a potential shift in whale behavior, often a key market driver. Large-scale liquidations can increase further price drops and impact retail investors, especially when they occur near crucial support levels. SHIB’s price has slipped below the significant 50 EMA (Exponential Moving Average) support, currently trading at $0.00002408. If it fails to hold support levels at $0.00002283 and $0.00002045, a sharper correction could follow.

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Current Market Scenario

The market is also under the grip of “Fear” as the Fear and Greed Index sits at 69 with today’s bloodbath. This shows that there is no immediate catalyst to pull the market. Considering the current market, if another big sell-off happens, turbulence could follow. But if SHIB continues to show strength, it might emerge even stronger. However, the SHIB community is rooting for its recovery by 2025 once the market sees a fresh circulation of money. 

Despite Sell-off SHIB is Poised to Rise

Despite short-term challenges, Shiba Inu retains a strong community and speculative appeal, especially with its role in DeFi and meme culture. Analysts project a potential rally, with SHIB possibly hitting $0.00009 by 2025 due to major developments and bullish sentiments.

Technical indicators, like the Bollinger Bands, suggest SHIB’s price might fall further in the short term. At the same time, the lower band indicates the token nosedive to $0.0000238, expected to go as low as $0.0000228 in search of a local bottom. 

However, despite the selloff an early trader made a whopping profit of $109 million which shows that traders are going long for SHIB.