The Shiba Inu price has plummeted by 20% today, with the meme token dropping to $0.00001927 as the cryptocurrency market suffers a 12% fall in 24 hours.
These losses round off a bad couple of weeks for SHIB, which is now down by 27% in seven days and by 34% in 14, although it remains up by 100% in a year.
Yet today’s drop comes after one whale in particular sold 250 billion SHIB, worth around $6 million at the time of sale.
This paints a negative picture for the meme coin, yet its longer term price predictions look more promising.
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.
That the whale still holds a substantial sum of SHIB invites the suspicion that the coin may other sudden dips during the current bull cycle, as large holders take the opportunity to draw a regular profit.
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.
The meme token has been falling consistently since reaching a nearly one-year high of $0.00003294 on December 7, having declined by roughly 38% since this peak.
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.
Its chart today shows that the token has bottomed out, with its indicators all pointing towards incoming rebounds.
For instance, not only has Shiba Inu’s relative strength index (purple) fallen below 30 again in the past hour or so, but it has been under 50 for much of the past week.
We see something very similar with its 30-period moving average (orange), which has now reached a new low in relation to the 200-period average (blue).
Source: TradingView
In other words, all available signs suggest that the Shiba Inu price could jump up very soon, perhaps over the weekend.
Given that it has bottomed out, it could return to $0.000025 by Xmas, before ending the year at $0.000030.
New Altcoins Bring Strong Potential for Profits
Because SHIB has struggled in recent weeks, many traders may prefer to turn to alternatives right now, including lower cap tokens that can often outperform the market.
Presale tokens in particular have done very well this year, with the likes of Pepe Unchained and Shiba Shootout rallying hard when they listed for the first time.
There are a number of ongoing presales which look very promising at the moment, with possibly the most notable belonging to Solaxy (SOLX).
It launched its sale only last week, yet the Solana-based token has already gone on to raise more than $3.4 million.
Billing itself as Solana’s first ever layer-two network, Solaxy will provide a number of efficiency improvements over its base layer.
It will help Solana users and traders avoid failed transactions, outages and congestion, which have been a big problem for the layer-one blockchain in recent years.
Its native token, SOLX, will serve to pay for transactions fees, meaning that if Solaxy becomes a popular L2, demand for the token will surge.
SOLX will have a capped supply of 138.046 billion tokens, with 25% of this going towards its presale and community rewards.
SOLX is currently selling at $0.001572, via its official website.
Its price will rise every few days until the its sale ends in the next couple of months, so interested buyers should really act now if they want the best chance of turning a fast buck.
The post Shiba Inu Price Crashes as $6M Whale Sell-Off Sparks Chaos – Buy the Dip or More Selling to Come? appeared first on Cryptonews.
