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A significant Shiba Inu (SHIB) move caught the attention of traders today, December 19th, as the early and highly profitable SHIB whale moved around 400 billion tokens. On-chain analytics service Spot On Chain (@spotonchain) builds on the history of this famous early buyer accumulating significant profits since it first acquired SHIB 15.2 trillion in August 2020. highlighted that he had deposited 399,999 million SHIB (equivalent to $9.69 million) with Gemini. Only 10 ETH.
Spot On Chain writes via X: “This early $SHIB whale, which made $108 million in profits, has deposited another $399.99 billion ($9.69 million) into Gemini in the past hour. Remarkably, in 2020 On August 7th, this whale bought 15.2T SHIB for just 10 ETH.Currently, the whale still has 2T SHIB ($48.54 million). and the estimated total return from SHIB is $107.7 million (3.7x return).”
Shiba Inu Whale “0xd6b” |Source: @spotonchain
This is not the first time such profit-taking has been carried out by anonymous whales. In mid-November, Spot On Chain reported that the same initial purchaser (address “0xd6b”) had “returned to offloading the token after 8 months of inactivity” and had received 100 billion SHIB (worth $2.81 million at the time). ) was entrusted to Gemini. Prior to that, the whale was last active in March, transferring SHIB 200 billion to both Gemini and Crypto.com.
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Shiba Inu prices drop
Over the past 24 hours, SHIB's price has fallen by approximately 6.2%, extending its short-term decline of 10% on December 18th.
Notably, much of this weakness coincides with the broader crypto market downturn following the recent Federal Open Market Committee (FOMC) press conference. Although the expected 25bps rate hike materialized, market reaction across digital assets was bearish as Fed Chairman Jerome Powell emphasized a more restrained approach to rate cuts in 2024.
Despite these macro headwinds and high-profile whale sales, Shiba Inu's higher timeframe technical structure remains relatively stable. On the daily chart, SHIB holds important support at the 100-day EMA, which has proven to be a formidable support level for SHIB since the price first broke above this EMA in late September.
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This EMA, indicated by a yellow circle on the chart, repeatedly served as a key pivot point for price movements and held support for the fifth time during the observation period. The 100-day EMA is currently around $0.00002264.
Shiba Inu price, 1 day chart | Source: SHIBUSDT on TradingView.com
Additionally, SHIB is above the 0.382 Fibonacci retracement level at $0.00002409, another important threshold that analysts are currently watching. The 0.5 Fibonacci level at $0.00002821 marks the pivotal midpoint of the recent high-low range and will serve as a psychological test for traders if SHIB attempts a recovery.
Beyond that, further upside resistance levels await at 0.618 Fib ($0.00003234) and 0.786 Fib ($0.00003821), which are potential barriers if bullish momentum returns.
Featured image from Shutterstock, chart from TradingView.com
