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As of press time Friday, SHIB was trading at $0.00002191, reflecting a decline of 2% over the past week and almost 20% over the past seven days. A broader slowdown in the cryptocurrency market and massive sell-offs by SHIB whales are largely behind this decline.
On Thursday, blockchain analytics platform Spot Onchain revealed that a major SHIB whale made a massive deposit of 399.99 billion SHIB tokens worth $9.69 million to Gemini. This whale, which initially purchased 15.2 trillion SHIB for just 10 ETH in 2020, has now reaped an estimated profit of $107.7 million, holding on to 2 trillion SHIB tokens worth approximately 48.54 million dollars. Notably, last month the same whale offloaded 100 billion SHIB tokens worth $2.81 million after eight months of inactivity.
Adding to the selling 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, these selloffs contributed to SHIB’s price decline, although analysts suggest that whales may be preparing to re-enter the market at a lower price, anticipating key support levels.
 Oscar Ramos, a prominent analyst in the SHIB community, addressed the recent selloff in a YouTube video, describing market conditions as a “bloodbath.” However, Ramos encouraged long-time holders to stand firm.
“Whales love to cash in on SHIB profits, but that’s where cost averaging comes in,” Ramos said. “Selling at a loss out of fear does more harm than good. Historically, these corrections are often followed by significant rebounds.
Although Ramos acknowledged short-term volatility, he stressed the need for patience. “SHIB builds its ecosystem with strategic partnerships. This is not the time to panic but to see the bigger picture. » he added.
And true to Ramo’s assurances, the SHIB community has something to celebrate amid the massive sales. THURSDAY, Shytoshi Kusamathe lead developer of Shiba Inu, announced a groundbreaking partnership with Chainlink. The collaboration introduces interoperability between chains in the Shiba Inu ecosystem via Chainlink’s Cross-Chain Token (CCT) standard, making SHIB assets available across 12 blockchains.
“This is HUGE news for SHIBARMY and SHIB, BONE, AND LEASH. Expect much more from this partner” Kusama tweeted.
The partnership also introduces the integration of Chainlink Data Streams, aimed at improving the accuracy of market data and enabling advanced decentralized finance (DeFi) applications. This feature has the potential to significantly improve SHIB’s appeal to institutional and retail investors.
Meanwhile, as SHIB consolidates around its current price, whale activity indicates a potential strategic re-entry to critical levels, particularly the multi-year support zone of $0.000020.