Even after selling 250 billion SHIB in the last day, one whale still has $52 million in meme tokens.
The price of Shiba Inus has fallen 20% today, and the meme token has fallen to $0.00001927 as the cryptocurrency market has fallen 12% in just one day.
SHIB is down 27% in seven days and 34% in fourteen, but it is still up 100% in a year. These losses cap off a poor couple of weeks for the company.
However, the decline today follows the sale of 250 billion SHIB, or about $6 million, by one whale in particular.
Although this presents a bad image of the meme coin, its longer-term price projections appear more optimistic.
Shiba Inu Price Crashes as $6M Whale Sell-Off Sparks Chaos – Buy the Dip or More Selling to Come?
Transaction tracker Lookonchain alerted its followers to the aforementioned sale yesterday, pointing out that the whale in question bought a massive haul of 15.28 trillion SHIB for only $3,800 back in August 2020.
A whale sold 250B $SHIB($6.05M) for profit in the past hour!
— Lookonchain (@lookonchain) December 19, 2024
The whale spent $3.8K to buy 15.28T $SHIB($1.22B at the peak) as early as August 6, 2020.
This whale currently holds 2.15T $SHIB($52.18M), with a total profit of $109M on $SHIB.https://t.co/BWxcnWuwFR pic.twitter.com/aQZFPyhYSv
Since large holders take advantage of the opportunity to draw a consistent profit, the fact that the whale still owns a sizable amount of SHIB raises the possibility that the coin may experience additional abrupt dips during the current bull cycle.
And looking at other tracking accounts, such as Whale Alert and Spot On Chain, it seems that no whales have stepped in recently to buy SHIB at a discount.
Since hitting a nearly one-year high of $0.00003294 on December 7, the meme token has been steadily declining, dropping about 38% since then.
Despite its recent falls, some analysts are predicting that the Shiba Inu price could rise as high as $0.0001 next year, albeit with a caveat that it will suffer volatility along the way.
$SHIB: 2025 Price Outlook
— InvestingHaven (@InvestingHaven) December 18, 2024
This chart shows Shiba Inu's price could peak near $0.0000998 in 2025, while the potential low is at $0.0000234.
The path to these targets may see volatility, but it reflects broader crypto market trends.
Patience could pay off for #SHIB. pic.twitter.com/5XMd1JNr61
Put another way, every indication points to the possibility that the price of Shiba Inus could increase quickly, possibly even over the weekend.
Since it has bottomed out, it may reach $0.000025 by Christmas and then $0.000030 at the end of the year.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.