news 
Shiba Inu Whales Offload Over 600 Billion SHIB, Eye Key Support Zone for Re-Entry
A significant correction in the price of Shiba Inu (SHIB) has been observed over the past week, with a substantial sell-off by whales. According to recent data from blockchain analytics platforms Spot Onchain and Lookonchain, these whales have offloaded an astonishing 600 billion SHIB tokens.
The whale that initially purchased 15.2 trillion SHIB for just 10 ETH in 2020 has now reaped an estimated profit of $107.7 million. This significant sell-off by the whale has contributed to the downward pressure on the price of SHIB, causing it to drop by nearly 20% over the past seven days.
However, analysts suggest that whales may be preparing for a re-entry at a lower price point, anticipating key support levels. A prominent SHIB community analyst, Oscar Ramos, emphasized the importance of dollar-cost averaging and urged long-term holders not to panic. “Whales love to cash out on SHIB profits, but this is when dollar-cost averaging comes into play,” Ramos explained.
Source: zycrypto.com
