Shiba Inu (SHIB) Slumps As Whale Sell-Off Dampens Momentum – Details

Christian Encila

1 year ago

3 mins read

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The cryptocurrency market was jolted by a massive sell-off of Shiba Inu (SHIB) tokens. Speculation ran rampant as a single entity, purportedly controlling 11 wallets, offloaded a staggering 533.6 billion SHIB tokens, amounting to nearly $16 million in DAI, a stablecoin pegged to the US dollar. This unprecedented transaction, highlighted by blockchain analytics firm Spot On Chain, revealed a jaw-dropping profit of over $8 million, showcasing the extreme volatility inherent in the crypto space.

Shiba Inu Massive Offloading

Around 16 hours ago, 11 wallets (probably one person) jointly sold 533.6B $SHIB for 15.99M $DAI at ~$0.00003, realizing a joint profit of $8.24M (+106%) in less than a month!

Currently, these 11 wallets still hold the newly acquired $DAI. Which token will they buy next?

Follow… pic.twitter.com/y0mhsMQQn4

— Spot On Chain (@spotonchain) March 31, 2024

The repercussions of this sell-off reverberated throughout the SHIB community and the wider cryptocurrency market. Despite a minor uptick of 0.21% in SHIB’s price over the last 24 hours, the overall sentiment cooled significantly.

Trading volume plummeted by a striking 32.27% to $550.84 million, indicating a palpable decline in investor enthusiasm and market activity. CoinGlass, a leading crypto analytics platform, reported a 1.51% decrease in SHIB’s open interest, signaling a potential shift in trader strategy amidst the tumultuous market conditions.

Source: Coinglass

As speculation mounts within the SHIB community, all eyes are on the 11 wallets still holding the acquired DAI. The burning question on everyone’s mind is the seller’s next move and which tokens might attract their attention next. The uncertainty surrounding the future actions of this significant market player underscores the inherent unpredictability of the crypto market and the need for investors to exercise caution and vigilance.

SHIB market cap currently at $16.9 billion. Chart: TradingView.com

In the aftermath of this monumental sell-off, market participants are grappling with the implications of such a seismic event. The sell-off serves as a stark reminder of the extreme volatility that characterizes the cryptocurrency landscape and the potential for swift and substantial gains or losses.

Resilience: Shiba Inu Bounces Back

Shiba Inu, in spite of recent fluctuations, has demonstrated resilience by recovering from setbacks and making consistent strides forward. SHIB has been in ascent mode since its March 20 low of $0.000024; it is presently trading at $0.00003050. The aforementioned resilience exemplifies SHIB’s ability to surmount obstacles and aspire to greater heights.

Shiba Inu is currently going through a major phase of correction, and purchasers are finding it difficult to recover control. SHIB fails to maintain its surge, falling below $0.000010, even if it momentarily breaks the long-term resistance trendline. There is still a double-bottom formation, but sellers are in control. The continuous struggle at the trendline will probably dictate SHIB’s price trend in 2024.

Meanwhile, analysts and investors alike are closely monitoring the unfolding developments stemming from this significant sell-off. The aftermath of this transaction will undoubtedly remain a focal point for SHIB enthusiasts and the broader crypto market as they navigate the challenges and opportunities presented by such market movements.

Featured image from Lum3n/Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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