news 
Shiba Inu Whales Offload Over 600 Billion SHIB, Eye Key Support Zone for Re-Entry
The crypto market has witnessed a dramatic shift in the past week as Shiba Inu whales have offloaded an astonishing 600 billion SHIB tokens. This unprecedented dump has led to a sharp price correction, with SHIB currently trading at $0.00002191.
According to Spot Onchain, one prominent SHIB whale made a massive deposit of 399.99 billion SHIB tokens valued at $9.69 million on Gemini. This whale initially purchased 15.2 trillion SHIB for just 10 ETH in 2020 and has now reaped an estimated profit of $107.7 million, retaining 2 trillion SHIB tokens worth approximately $48.54 million.
In a separate incident, Lookonchain reported another whale selling 250 billion SHIB ($6.05 million), bringing its total profits to $109 million. These significant sell-offs have contributed to the SHIB’s price downturn, though analysts suggest that whales may be preparing for re-entry at a lower price point, anticipating key support levels.
Industry expert and prominent community analyst Oscar Ramos has reiterated his stance on the importance of patience and long-term strategy amidst the short-term volatility. According to him, selling at a loss due to fear does more harm than good, as historically these corrections have been followed by significant rebounds.
However, amidst this sell-off, SHIB enthusiasts have received a significant boost with the announcement of a groundbreaking partnership between Shytoshi Kusama, lead developer for Shiba Inu, and Chainlink. This collaboration introduces cross-chain interoperability to the Shiba Inu ecosystem through Chainlink’s Cross-Chain Token (CCT) standard.
This monumental development makes SHIB assets available on 12 blockchains and integrates Chainlink Data Streams aimed at improving market data accuracy and enabling advanced decentralized finance (DeFi) applications. The potential impact of this integration is significant, as it will enhance the appeal to both institutional and retail investors.
As SHIB consolidates around its current price, whale activity suggests a potential strategic re-entry at critical levels, particularly the $0.000020 multiyear support zone.
Source: zycrypto.com
