400 Billion Shiba Inu Tokens Transferred by Notable Whale to Gemini
A significant transfer of Shiba Inu (SHIB) tokens has occurred, drawing attention from traders on December 19. An early SHIB whale moved nearly 400 billion tokens, specifically 399.99 billion SHIB valued at $9.69 million, to Gemini. This whale initially acquired 15.2 trillion SHIB in August 2020 for approximately 10 ETH, resulting in substantial profits.
According to Spot On Chain, the whale now holds 2 trillion SHIB worth about $48.54 million, with an estimated total profit of $107.7 million, reflecting a return of 3.7 times the initial investment. The whale's activity includes a previous deposit of 100 billion SHIB to Gemini in mid-November after eight months of inactivity.
Shiba Inu Price Decline
In the past 24 hours, SHIB’s price has decreased by approximately 6.2%, following a 10% drop on December 18. This decline correlates with a broader downturn in the crypto market post-Federal Open Market Committee (FOMC) press conference, where Fed Chair Jerome Powell indicated a cautious approach to interest rate cuts in 2024, leading to a bearish market response.
Despite these challenges, Shiba Inu's technical structure remains relatively stable. On the daily chart, SHIB is maintaining support at the 100-day EMA, which has proven to be a robust support level since late September. This EMA has acted as a pivotal point for price action, sustaining support multiple times, currently sitting at approximately $0.00002264.
SHIB also remains above the 0.382 Fibonacci retracement level at $0.00002409, which analysts are closely monitoring. The 0.5 Fibonacci level at $0.00002821 serves as a psychological midpoint, while further resistance levels lie at the 0.618 Fib ($0.00003234) and 0.786 Fib ($0.00003821), potential barriers if bullish momentum returns.