- A massive sell-off by a whale allegedly controlling several addresses just struck a blow in Shiba Inu (SHIB) price today.
- Eleven wallets owned by a single entity dumped 533.6 billion SHIB, equivalent to $16 million.
Shiba Inu Slumps
Meme coin darling Shiba Inu just went down by over 8% from a $0.00003078 high to a $0.00002825 low this Monday. As of this writing at 11:30 AM UTC, the token remains within the $0.00002871 mark while narrowing its 24-hour loss to 5%.
There was a noticeable spike of more than 44% in the trading volume of the dog-themed meme coin as $798.14 million worth of SHIB moved between addresses. Meanwhile, the market cap of the 589.29 billion Shiba Inu tokens in circulation dived to $16.91 billion, causing it to lose its position in the crypto rankings by overall valuation.
Based on the CoinMarketCap index, Shiba Inu is now the 12th largest crypto by market cap. This is two positions below the rank it had back when it popped to $0.00004534 at the start of March.
Presently, the digital asset is a long shot away from its all-time high (ATH) of $0.00008845 achieved on October 28, 2021. Despite the 67% deficit from those numbers, it has shown a significant recovery in the long-term brackets.
SHIB is 4% up on the seven-day chart with a whopping 121% gain across the 30-day range. Likewise, the 52-week graph displays a 165% growth for the token as it swung between a $0.000005717 base to a $0.00004534 peak.
What Happened?
According to industry watcher Spot On Chain on X, the spiraling prices can be blamed on the massive sell-off initiated by 11 wallets. However, it is suspected that there’s only a single entity controlling those addresses.
The combined transactions of the wallets summed up to 533.6 billion SHIB, which was subsequently converted to 15.99 million DAI. Now, the crypto community has set itself on high alert about the next movement of these DAI stablecoins.
Interestingly, the sale was made at around $0.00003 per SHIB, which netted the mysterious whale $8.24 million in a month, or 106% of the SHIB investment.
Amid the disappointing developments is a silver lining laid on the platter by the pseudonymous market analyst Xanrox. The forecast sees SHIB tapping at a new ATH in July, with a possible rally by over 300% of its value today.
Based on the analyst’s technical analysis employing the Fibonacci retracement and Elliott Wave theory methodologies, $0.00002250 marks a favorable entry point in the forming bull flag formation that could potentially make the prices shoot up by $0.0001.