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Shiba Inu Plunges as Massive Whale Sells Off Trillions of Tokens

Today, the Shiba Inu (SHIB) meme coin has witnessed a steep decline in its price, primarily attributed to significant selloffs executed by large crypto whales. The plunge has left investors with apprehension, fearing further depreciation.

Whale Offloads 1.4 Trillion SHIB

According to blockchain tracking platform Whale Alert, a massive dump of Shiba Inu tokens occurred today. An unknown wallet transferred a staggering 1.407 trillion SHIB, valued at approximately $43.50 million, to the popular cryptocurrency exchange KuCoin.

While there is no definitive evidence of a direct sell transaction, it is widely believed that this transfer was likely intended for the purpose of selling off the SHIB reserves. This massive dump has sent shockwaves through the Shiba Inu community, sparking concerns about a potential prolonged slump.

Analysts Remain Optimistic, Speculations Abound

Despite the recent selloff, analysts maintain a positive outlook for Shiba Inu's long-term prospects. The ambitious $0.01 target remains a possibility, with the belief that a breakout above the current resistance level of $0.000032 could pave the way for a surge towards $0.00004.

However, the bearish sentiment following the whale's actions cannot be ignored. Should the coin fail to regain its footing, it could retrace to a support level of $0.00003. A prolonged decline could result in SHIB dropping as low as $0.00002 or even below $0.00001.

Shiba Inu Price Movement

At the time of writing, Shiba Inu has lost 3.70%, trading at $0.00003081. The meme coin's market capitalization stands at $18.15 billion, with its 24-hour trading volume down 38.57% to $1.11 billion. The coin had earlier reached a high of $0.00003241 during the day, but the whale's selloff sent it into a downward spiral.

1-Month Returns and Open Interest Dip

Despite the recent decline, Shiba Inu's 1-month returns remain impressive at around 120%. However, the bearish shift has resulted in a 3.51% decrease in SHIB open interest, which now stands at $108.63 million. According to Coinglass data, massive long liquidations worth $1.40 million may have contributed to the recent price dip.

Community Concerns and Speculations

The Shiba Inu community has expressed deep concern about the potential long-term impact of the whale's selloff. Some speculate that it could be a sign of large-scale profit-taking or a lack of confidence in the coin's value. Others believe it could be a deliberate attempt to manipulate the market and drive the price down.

The speculation and uncertainty surrounding the whale's motives have created a tense atmosphere within the community. Investors are closely monitoring the situation and eagerly anticipating any developments that could shed light on the future direction of the Shiba Inu price.