The price of Shiba Inu (SHIB ($0.00)) has experienced a significant decline over the past week. The price dropped by 22%, triggering panic in the markets due to heavy selling by whales. A recorded drop of 10% on December 19 further heightened investor concerns. As the meme token fell below the $0.000024 level, hopes for recovery remain alive.
Whale Sales Create Panic
On-chain data analysis platforms shared details of large-scale SHIB sales. According to Lookonchain, one whale sold 250 billion Shiba Inu tokens for $6.05 million. This whale had purchased 15.28 trillion SHIB for just $3,800 in August 2020. This sale triggered a panic effect, leading to a wave of declines in the market.
Community members expressed concerns over the decrease in SHIB burn rates following the decline. The Shibburn portal recorded a weekly reduction in burn rates of up to 70%. However, the community hopes that positive expectations for TREAT and SHIFU tokens may support the price. “This decline is temporary; the market may recover soon,” is a frequently shared sentiment.
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