SHIB Whale Transfer: Potential 25% Surge?
Massive Shiba Inu Whale Transfer
On February 6th, a significant event shook the Shiba Inu (SHIB) market: a crypto whale transferred 1.24 trillion SHIB tokens from the Kraken exchange. The destination wallet remains unknown, but the transfer occurred at a crucial support level historically associated with price reversals, adding fuel to the speculation.
Bullish On-Chain Metrics
Further supporting the bullish sentiment, on-chain data reveals positive trends. Exchanges recorded a $416,000 outflow of SHIB, suggesting potential accumulation by large investors. This accumulation could increase buying pressure and fuel upward momentum. Data from Coinglass also highlights increased interest from long-term holders.
Source: Coinglass
The exchange liquidation map shows long positions dominating at the $0.00001558 level ($300,000 worth), while short positions are concentrated at $0.00001616 ($103,000). These leveraged positions are vulnerable to market shifts.
Source: Coinglass
Shiba Inu Price Action and Analysis
At the time of writing, SHIB traded near $0.00001607, down 0.65% in the past 24 hours. Our technical analysis indicates a bullish outlook, with the price currently at a critical support level of $0.000015, a known point for price reversals. However, it's crucial to note that SHIB has been consolidating around this level for over four days.
Source: TradingView
Potential for a 25% Surge?
Should SHIB maintain the $0.000015 support, a 25% surge to $0.000021 is possible, based on historical price action. However, the price remains below the 200-day Exponential Moving Average (EMA), suggesting a continuing downtrend. Careful consideration of risk is necessary.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries significant risk.
Codeum provides comprehensive blockchain security and development services, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. Contact us to learn more about securing your blockchain project.