Spot On Chain, an on-chain analytics platform, reported today that Whale 0x30e recently sold 341.57 billion SHIB tokens valued at $3.25 million at an average price of $0.0000595. This included:
Depositing 311.57 billion SHIB ($2.97 million) to Binance
Selling 30 billion SHIB on decentralized exchanges for 281,000 USDT
In total, over the past 6 hours the whale sold 421.57 billion SHIB worth $3.98 million at a $0.0000594 average across Binance and DEXs.
Notably, this whale had previously withdrawn those tokens from Huobi Global and Binance at a ~$0.000042 average price between November 2021 and December 2022. If fully selling their SHIB now, they would realize an estimated loss of $6.32 million or 61.4% after holding for nearly 2.5 years.
The whale currently holds no remaining SHIB tokens.
Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!
The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!
Show more +Show less –
This selling pressure comes as SHIB struggles to gain upside momentum. SHIB price is down around 2% this week to trade at $0.0000095. According to analysis by altFINS, price had resumed its short and medium-term uptrend approaching resistance at $0.00001. However, momentum is now weakening as seen across MACD and RSI indicators.
On the support side, the nearest support zone holds around $0.000008. If price breaks above the $0.00001 resistance, the next test would come at $0.000012 which aligns with previous highs and the long-term neutral trend level.
For now, SHIB remains stuck below resistance and will need renewed buy-side impetus to rechallenge higher levels. The technicals suggest further consolidation is likely near-term. Traders may look for a breakout above $0.00001 or pullback toward the 200-day moving average around $0.000009 as the next swing trade opportunities.
You may also be interested in:
Why is XAI Token Surging? Analyst Says ‘Consolidation Breakout Retested’ – Here’s His Outlook
Starkent (STRK) and Filecoin (FIL) Prices Pumping – Here’s Why
Meet The Viral Cryptos – Bitcoin Minetrix and BlockDAG (BDAG) Raise Millions In Their Ongoing Presales While Jupiter Surges
Check NuggetRush ($NUGX) Sponsored: Invest Responsibly, Do Your Own Research. Buy NUGX Today Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices A unique play-to-earn gaming platform in the memecoin market The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience Fosters a strong community by encouraging physical meetups among members NFT Integration with Prominent Characters
The post Shiba Inu Whale Sells at Massive Loss While SHIB Price Struggles to Sustain Momentum appeared first on CaptainAltcoin.
