Shiba Inu Dropped Sharply as the $6 Million Whale Sell-off Caused Chaos: Buy More or Sell?

The price of Shiba Inu has dropped sharply by 20% today, with the meme token dropping to 0.00001927 dollars as the cryptocurrency market declines by 12% in 24 hours . These losses mark a few terrible weeks for SHIB, which has now dropped 27% in seven days and 34% in 14 days, despite still being up 100% in a year. However, today's decline occurred after a specific whale sold 250 billion SHIB, worth about 6 million dollars at the time of sale. This paints a negative picture for meme coins, however its long-term price prediction seems more promising. The price of Shiba Inu sharply dropped when the whale's sell-off of 6 million dollars caused chaos - Buy when the price drops or continue selling? The Lookonchain transaction monitoring tool has warned followers about the aforementioned sale yesterday, indicating that the whale in question purchased a large amount of 15.28 trillion SHIB for only $3,800 in August 2020.

The fact that this whale still holds a large amount of SHIB raises doubts that this currency may plummet suddenly in the current bull market cycle, as large holders take advantage of this opportunity to make frequent profits. When considering other tracking accounts, such as Whale Alert and Spot On Chain, it seems that recently no whale has participated in buying SHIB at a discount. The meme token has been continuously decreasing since reaching its highest level in nearly a year at $0.00003294 on December 7, a decrease of about 38% from this peak. Despite the recent decline, some analysts predict that the price of Shiba Inu dog could soar to 0.0001 dollars next year, although there are warnings that the price will fluctuate during that time.

Today's chart shows that the token price has hit bottom, with all indicators pointing to an upcoming recovery. For example, the relative strength index (purple) of Shiba Inu not only dropped below 30 within the past hour but also remained below 50 for most of the past week. We see something that looks very similar to the 30-period moving average (orange), which has now reached a new low compared to the 200-period moving average (blue).

In other words, all current signs indicate that the price of Shiba Inu could soar very soon, possibly by the end of the week. Having hit the bottom, the price could return to $0.000025 at Christmas before ending the year at $0.000030. The new Altcoin brings great profit potential.

DYOR! #Write2Win #Write&Earn $SHIB {spot}(SHIBUSDT)