Shiba Inu price tumbled 8% today as whales continue to offload their SHIB holdings. Another dormant whale sold 100 billion SHIB tokens amid the crypto market crash. Meanwhile, technical chart weakness and bearish signals by indicators threaten SHIB price to retest its previous low of $0.00001.
Lookonchain on June 6 revealed a whale linked to the 0x6E45 wallet address transferred 100.45 billion Shiba Inu tokens worth $1.21 million to crypto exchange Binance. The whale was dormant for 3 years before it moved to book profits amid market uncertainty.
The whale booked a profit of nearly $311K, the profit once exceeded $2.7 million at the peak. The whale joined other whales as Shiba Inu turned bearish.
The Crypto Times earlier reported why Shiba Inu price is falling. Notably, massive transfers, including 2 trillion Shiba Inu tokens to crypto exchange Coinbase Institutional on Thursday, have led to major drop in SHIB price.
Also, Whale Alert reported 3.62 trillion SHIB token worth $43.59 million moved to Coinbase Institutional today. Traders have become cautious amid such large transfers by whales.
SHIB Price Risks Falling to $0.00001
SHIB price tumbled 8% in the past 24 hours, with the price currently trading at $0.00001225. The 24-hour low and high were $0.00001193 and $0.00001296, respectively. However, the trading volume has increased by 89% in the last 24 hours, indicating a rise in interest among traders.
In the daily timeframe, the 20-EMA (blue) has crossed below the 50-EMA (red), indicating bearish sentiment among traders as the price is at the inflection point near the support level.
If bulls defend $0.000012 and the community’s sentiment dominates, Shiba Inu price could see a sharp leg up. However, it could break lower and things could unwind fast as per Fib retracement analysis.
