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Shiba Inu’s (SHIB) impressive surge to $0.000033 earlier this month has been eclipsed by a sharp price correction over the past week.
At press time on Friday, SHIB was trading at $0.00002191, reflecting a 2% drop in the last week and nearly 20% over the past seven days. A broader cryptocurrency market downturn and substantial sell-offs by SHIB whales largely drive this decline.
On Thursday, the blockchain analytics platform Spot Onchain revealed that a prominent SHIB whale made a massive deposit of 399.99 billion SHIB tokens valued at $9.69 million to Gemini. This whale, who initially purchased 15.2 trillion SHIB for just 10 ETH in 2020, has now reaped an estimated profit of $107.7 million, retaining 2 trillion SHIB tokens worth approximately $48.54 million. Notably, last month, the same whale offloaded 100 billion SHIB tokens valued at $2.81 million after eight months of inactivity.
Adding to the selloff pressure, Lookonchain, another analytics firm, reported a separate whale that sold 250 billion SHIB ($6.05 million) this week, bringing its total profits to $109 million.
Notably, such significant sell-offs have contributed to SHIB’s price downturn, though analysts suggest whales may be preparing for re-entry at a lower price point, anticipating key support levels.
A prominent SHIB community analyst, Oscar Ramos, addressed the recent sell-offs in a YouTube video, describing the market conditions as a “bloodbath.” However, Ramos encouraged long-term holders to remain steadfast.
“Whales love to cash out on SHIB profits, but this is when dollar-cost averaging comes into play,” Ramos said. “Selling at a loss due to fear does more harm than good. Historically, these corrections are often followed by significant rebounds.”
While Ramos acknowledged the short-term volatility, he emphasized the need for patience. “SHIB is building its ecosystem with strategic partnerships. This is not the time to panic but to look at the bigger picture,” he added.
And true to Ramo’ assurances, the SHIB community has something to celebrate Amidst the sell-offs. On Thursday, Shytoshi Kusama, the lead developer for Shiba Inu, announced a groundbreaking partnership with Chainlink. The collaboration introduces cross-chain interoperability to the Shiba Inu ecosystem through Chainlink’s Cross-Chain Token (CCT) standard, making SHIB assets available on 12 blockchains.
“This is HUGE news for the SHIBARMY and SHIB, BONE, AND LEASH. Expect much more from this partnershib” Kusama tweeted.
The partnership also introduces the integration of Chainlink Data Streams, aimed at improving market data accuracy and enabling advanced decentralized finance (DeFi) applications. This feature has the potential to significantly enhance SHIB’s appeal to both institutional and retail investors.
Meanwhile, as SHIB consolidates around its current price, whale activity indicates a potential strategic re-entry at critical levels, particularly the $0.000020 multiyear support zone.
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