The post Whales Move 67.5B SHIB amid 5% dip appeared on BitcoinEthereumNews.com.
Shiba Inu price declined 5% the the last 24 hours to hit $0.000024 on Sunday January 5, while rival memes like DOGE and PEPE advanced to new peaks. On-chain data shows whales making large acquisitions amid the price dip. Is SHIB price on the verge of sharp rebound? Shiba Inu Price Holds $0.000023 Amid 5% Pullback Shiba Inu price has underperformed in the last 24 hours, relative to the broader crypto market trends. While the likes of Dogecoin (DOGE) and PEPE advanced above the $0.40 and $0.00020 levels respectively, SHIB has struggled to keep up with the pack. Shiba Inu price action | SHIBUSDT The chart above shows how SHIB price has retraced 5% in the last 24-hours, after hitting a brick-wall at the $0.000025 territory on January 3. With SHIB currently hovering above the $0.0000023 support level, trading volumes have also declined considerably, raising further downside risks despite the dominant bullish within the broader crypto markets. Whales Spotted Buying the Dip After 3-day Selling Spree Shiba Inu recent 5% price pullback has been linked to intense selling pressure from whale investors capitalizing on the positive start to 2025 to book profits. Lending credence to this narrative, the IntoTheBlock chart below monitors the daily netflows from wallets holding at least 0.1% of SHIB tokens in circulation. Shiba Inu Large Holders’ Netflow | Source: IntoTheBlock The chart above shows that Whales capitalized on the positive start to year, buy offloading 466 billion SHIB, worth approximately $11.7 million, in a 3-day selling spree between January 1 and January 3. When whales execute such large sell-offs during rally, it dillutes the short-term market supply, decelarating the price uptrend. This partly explains why Shiba Inu price has rejected the $0.0000025 resistance in the last 24 hours, while rival memes like DOGE and PEPE have…